Today published its third monthly proof-of-reserves (por) report, showing $7.2 billion held by the exchange in bitcoin (btc), ethereum (eth), and the usdt stablecoin. the exchange also stated this was the “largest clean asset reserves among major exchanges.” cryptoquant data showed deribit was the only other exchange to have 100% of clean assets reserves, although to a much lesser size of $1.4 billion.
Report was released on january 18, 2023, and was accompanied by an event held in hong kong. during the event, okx’s director of financial markets lennix lai said the exchange “has never misappropriated user assets before and never will.” the crypto exchange is also planning to use zero-knowledge-proof technology to provide more transparency and avoid scenarios similar to what happened at ftx.
Reserves are considered “clean” when a third-party analysis—in this case the metric provided by cryptoquant—determines the reserves do not include an exchange’s native token and are made up exclusively of high-market cap “traditional” cryptocurrencies such as btc, eth, and usdt. por is a method of verifying that a trading platform or crypto firm does indeed have 1:1 backing across the digital assets it holds in custody on behalf of its customers. the crypto community has been pressing for the exchanges to provide attestations of their holdings in the wake of the ftx collapse last november, and okx was among the first to use this method to prove its stability as the exchange released two por reports by the end of december. new features in today’s report include a detailed breakdown of the assets, showing okx is overcollateralized with a reserve ratio of 105% for btc, 105% for eth, and 101% for usdt. the exchange’s additional holdings can be viewed on the okx nansen dashboard.