OKX Exchange published its January 2023 reserves report
The press service of the cryptocurrency exchange OKX published another report on the confirmation of reserves for January 2023.
According to the data, the audit confirmed the presence of $7.5 billion in “net assets.” The Proof-of-Reserves-Report showed that the funds are mostly distributed among bitcoin (BTC), ether (ETH) and stabelcoin (USDT).
Analysts noted: the most important thing in this document is that the management of the exchange does not store assets in its own token exchange Okex (OKX). This audit was the third confirmation of reserves published by the site. However, this time, for the first time, the exact breakdown of assets was demonstrated.
The report states that the exchange is over-collateralized with a reserve ratio of 105% for bitcoin (BTC), 105% for ether (ETH) and 101% for USDT. OKX published the exact asset mix, focusing on a new metric by research service CryptoQuant to measure the “purity” of reserves.
The firm’s experts now determine how much a particular exchange depends on its own token. The data of the analytical service recorded that OKX reserves are 100% pure. Meanwhile, the similar figure for Binance was 87%, Bitfinex – 70%, and for Huobi – 60%.
OKX marketing director Haider Rafiq assured that each trading platform will learn many lessons over the next six months or year. He expressed the hope that by doing this kind of stress testing of each other’s reserve evidence, things will happen in a constructive way.
Rafiq noted that OKX plans to publish monthly user reserve confirmation reports. The exchange also wants to launch a bug bounty program that allows developers to flag flaws in the system so that the company can fix them.