OKX Releases Second Proof-of-Reserves Report

OKX crypto exchange

Crypto exchange OKX has released its second proof-of-reserves report, following its first report a month ago, in an effort to provide evidence of the safe handling of customer funds in the wake of the collapse of FTX.

OKX plans to publish a report for more than 23,000 of its addresses on the 22nd of each month in a bid to increase transparency and trust.

he second report, dated December 20, showed a bitcoin reserve ratio of 101% between OKX wallets holding 113,754 bitcoin ($16,850 at the time of writing) and a user balance of 112,192 bitcoin.

This is a slight decrease from the November report, which showed a ratio of 102%. In addition, the Ether reserve ratio has increased from 102% to 103% since last month, while tether remained at 101%.

The acting chief accountant of the U.S. Securities and Exchange Commission, Paul Munter, has warned investors to be cautious of crypto companies’ proofs-of-reserves.

This follows accounting firm Mazars’ decision to temporarily halt all efforts for crypto exchanges, which were criticized for not providing sufficient information.


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