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.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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