OKX Publishes Fourth PoR Report: Details

The Seychelles-based cryptocurrency exchange OKX just published its fourth monthly Proof of Reserves (PoR), which lines up with its earlier PoRs and allows customers to confirm that the exchange actually holds the claimed amount of cryptocurrency. It disclosed maintaining clean assets totaling $8.6 billion in Tether (USDT), Ethereum (ETH), and Bitcoin (BTC).

OKX’s Fourth PoR Report

According to the OKX Nansen dashboard, the exchange reserve contains around $485.3 million in BTC, $338.2 million in ETH, and $199.9 million in USDT. The USDT reserve ratio is at 102%, while the reserve ratio for BTC and ETH is, in each case, 104%, making the OKX reserve over-collateralized overall. The most recent statistics showed that OKX’s wallets have 135,735 Bitcoins against the user balance of 130,664 Bitcoins. 

Based on the OKX Nansen dashboard, the exchange wallets recorded assets of 1,341,238 ETH against the user balance of 1,288,504 ETH.

This information comes just one month after OKX said that it had $7.5 billion in “clean assets,” a criterion that CryptoQuant uses to assess a crypto exchange’s reliance on its own coin. If an exchange’s reserve consists only of large market cap cryptocurrencies and not its own native token, it is said to be clean. The reserves are completely clean, according to the CryptoQuant dashboard.

Lennix Lai, the managing director of financial markets at the exchange, commented on the announcement, stating, “We are proud to continue the monthly publishing of our Proof of Reserves in line with our unwavering commitment to transparency and trust here at OKX.”

“Our data shows that hundreds of thousands of our users have taken an active interest in viewing our historical reserves and using open-source tools to verify their liabilities are included.”

To help the industry that unmistakably suffered as a result of the FTX’s failure, OKX stated in November of last year that it will create a $100 million market recovery fund.