OKX Unveils 2nd Proof-of-Reserves Report, Guarantees Month-to-month Publication

Proof of reserves is an audit technique adopted by cryptocurrency exchanges within the aftermath of FTX’s collapse to show that the custodian, on this case, OKX, is not lending out buyer funds, as FTX did, and has the belongings it claims to carry on behalf of its customers. They’ve, nonetheless, been criticized for not offering details about liabilities and inner quality control, a focus within the crypto group. As an illustration, Binance’s recent proof of reserves report from French audit agency Mazars was criticized for lack of particulars about the best way trade liquidates belongings to cowl margin loans.