• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home Crypto Exchanges

OKX released a proof-of-reserves page, offering instructions on how to self-audit its reserves

Hania by Hania
November 29, 2022
in Crypto Exchanges, Beginner Guides
Reading Time: 3 mins read
A A
0
OKX: An All-in-one Trading Platform That Supports Cryptos, Derivatives, Staking, And Lending
Tweet

In Brief:

  • You May Also Like:
  • Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
  • Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

Cryptocurrency exchange OKX has released a proof-of-reserves page allowing its users to audit its reserves to ensure they are solvent. This happens when crypto exchanges are under greater scrutiny after the collapse of FTX. OKX has announced the new page in one of its tweets and on its blog.

🚨 Don’t trust, verify → OKX Proof of Reserves (PoR) is LIVE. 🚨

To set a new standard of transparency, risk management and user protection, we’re launching our first PoR.

You can now verify your assets are backed 1:1 on #OKX ⤵️

Details 🧵👇

— OKX (@okx) November 23, 2022

The proof-of-reserves page gives two unique features for users to audit the exchange’s reserves. The first enables users to get a summary of the exchange’s current reserves and liabilities for its top three digital currencies: Bitcoin, Ethereum, and Tether.

This summary clearly shows that OKX has around 102% of the ETH and BTC required for handling all withdrawals in these coins, while it says that it has around 101% of the USDT needed for handling all Tether withdrawals.

You May Also Like:

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

June 1, 2023

The second option is labelled “view my audit.” It enables the users to log in and view a snapshot of their balances held at the exchange. The company says these balances should be equal to those found on the asset overview page in the app’s dashboard unless the user has taken out margin loans.

Some traders may need to trust the company’s web app to give them accurate and trustworthy information, so the company has provided two help file documents explaining how to audit the reserves using the console on a PC.

These documents are titled, “How to verify if your assets are included in the OKX Merkle tree?” and “How to verify OKX’s ownership and balance of the wallet address.”

OKX released a proof-of-reserves page, offering instructions on how to self-audit its reserves

One of the documents shows how to query the OKX app’s API to get a Merkle tree of customer balancers and compare it to balances publicly available on the blockchain. The other explained how users need a Merkle leaf of their balances and verify that this leaf is part of the enormous tree.

OKX director of financial markets, Lennix Lai, in the press release, showed that this proof-of-reserves page would help bring greater transparency to the cryptocurrency exchange market.

“Our new proof of reserves page and self-audit feature allow users to verify that their assets are 100% backed. Third-party audits are also being conducted to provide additional reassurance on top of this. More transparency needs to be brought to our industry to allow us to build back stronger after recent events.”

Cryptocurrency exchange FTX suddenly went through a liquidity crunch from November 7-11, leading the company behind it to declare bankruptcy. In response to this event, many executives of the major crypto exchanges have said that proof-of-reserves pages are required to prove transparency so that an event like this never happens again.

OKX stated earlier that it would provide proof of reserves as soon as possible. Binance and KuCoin also have stated that they plan to provide proof of reserves within the upcoming weeks.

Many other crypto exchanges had provided proof-of-reserves pages even before the FTX story broke, including Bitmex, Gate.io, and Kraken.

Also Read:

CoinMarketCap has launched a proof-of-reserve tracker for crypto exchanges.

Crypto.com commits to proof-of-reserves after freezing some deposits and withdrawals

Tags: BTCcrypto newscryptocurrency exchangeethftxproof-of-reserve
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
Crypto Exchanges

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America
Crypto Exchanges

Kraken’s Canada Customer Deposits Increased 25% After Crypto Exchange Binance Left Due To Rising Regulatory Restrictions In North America

June 1, 2023
Massive Layoffs At Binance? The Company reveals It Is “Reevaluating” Roles
Crypto Exchanges

Massive Layoffs At Binance? The Company reveals It Is “Reevaluating” Roles

May 31, 2023
Who Created NFTs? A Compact History Of Nonfungible Tokens
Guide

Who Created NFTs? A Compact History Of Nonfungible Tokens

May 31, 2023
Bybit Exits Canada Due To Recent Regulatory Development
Regulation

Bybit Exits Canada Due To Recent Regulatory Development

May 31, 2023
Coinbase Receives A Wells Notice From SEC For Listing Unregistered Securities
Regulation

Coinbase Insider Trading Case Against Wahi Brothers Settled By SEC

May 31, 2023
Binance Exits Canada Due To Rising Regulatory Restrictions In North America
Crypto Exchanges

Binance Will Stop Crypto Services In Japan From November 30

May 30, 2023
Binance Australia Selling Bitcoin $5K Cheaper As Fiat Ramp Closes
Bitcoin News

Binance Australia Selling Bitcoin $5K Cheaper As Fiat Ramp Closes

May 30, 2023
Russia Abandons Crypto Exchange Plans
Crypto Exchanges

Russia Abandons Crypto Exchange Plans

May 30, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In