In the words of Haider Rafique, Chief Marketing Officer at OKX, “At OKX, we believe that PoR should be verifiable via open source tools so that users can self-verify the balances and ownership of our reserve addresses.”
Crypto exchange OKX published its second Proof-of-Reserves (PoR) audit report to continue providing transparency to its users.
According to the press release, OKX's Merkle tree audits cover three tokens: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with the three coins accounting for over 90% of OKX’s holdings.
NEW #OKX #proofofreserves published TODAY. This is our 2nd PoR published and we commit to publishing monthly
— Haider (@Haider) December 23, 2022
A quick overview of our PoR and new features....
The latest report revealed that OKX’s Bitcoin reserve ratio amounted to 101% as of December 20, down by 1% since November.
On the other hand, OKX’s Ethereum reserve ratio increased from 102% to 103% since its last report. The exchange’s Tether reserve ratio has remained at 101%.
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OKX also announced that it will release PoR reports on the 22nd of every month, with Rafique adding,
“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust.”
Meanwhile, Proof-of-Reserve reports have attracted the attention of the SEC. Paul Munter, the Acting Chief Accountant of the SEC, warned clients to be wary of the PoR reports released by exchanges. He also claimed that the SEC will heighten the scrutiny of these reports.
