.okx released its second proof-of-reserves report, revealing bitcoin, ether and tether reserve ratios of over 100%. The exchange has promised to publish monthly reports, allowing users to verify the safety of their funds. reports godbole17
to prove that the custodian, in this case, OKX, isn't lending out customer funds, as FTX did, and has the assets it claims to hold on behalf of its users. They have, nevertheless, been criticized for not providing information about liabilities and internal quality controls, a focal point in the crypto community. For instance,from French audit firm Mazars was criticized for lack of details about the way exchange liquidates assets to cover margin loans.
OKX said in a press release shared with CoinDesk that it would release proof of funds on the 22nd day of each month to win customer trust and allow users to audit its 23,000 addresses, which the exchange plans to continue using in the future. Users can now view and download the old and new reserve ratios and assess the exchange's health and the safety of their assets.
“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust,” Chief Marketing Officer Haider Rafique said in the release. “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.”
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