OKX Releases 7th Reserve Certificate: A Big Win for USDT Holders, But At What Cost?

OKX released the 7th reserve certificate in May, increasing the number of publicized coins to 22. During this period, users’ BTC assets decreased by 4.1% compared to April, while users’ ETH assets decreased by 12.3%, and users’ USDT assets increased by 4.3%. Despite these fluctuations, OKX’s current reserve ratios for BTC, ETH, and USDT are reported as 103%, indicating that the exchange holds reserves greater than the total value of these assets. This further strengthens the trustworthiness of OKX in the eyes of its users.

The seventh monthly Proof of Reserves (PoR) report reveals a total of $10 billion in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) reserves. The latest PoR covers these three digital assets and includes 19 other popular cryptocurrencies, such as XRP, Dogecoin, and Solana. This move highlights OKX’s dedication to transparency and trust-building within the crypto community.

The introduction of Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology in April 2023 has allowed users to verify OKX’s solvency independently. By leveraging zero-knowledge technology, the exchange ensures privacy by keeping the account balances of other users confidential. This feature enables users to confirm that OKX reserves fully back their assets.

OKX has published more than 180,000 addresses for its Merkle Tree PoR program to enable public scrutiny. These addresses allow users to monitor asset flows and ensure transparency. The exchange plans to continue its Proof of Reserves monthly publication, reinforcing its dedication to openness and accountability.

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