JAKARTA - Crypto exchanges, OKX, have revealed their reserve funds following the crypto market turmoil sparked by the liquidity scandal and bankruptcy of FTX. OKX revealed through its third Proof-of-Reserves (PoR) that it has a "clean asset" worth US$7.5 billion or Rp112 trillion in the form of BTC, ETH, and USDT.
In a statement, CMO OKX, Haider Rafique stated that security, transparency and trust are the main principles of OKX's business and customer service philosophy. OKX also takes a leadership position by issuing PoR every month.
"Security, transparency, and trust are the main principles of the OKX business process and customer service philosophy. We have taken leadership positions by publishing our PoR every month. Along with industry standards for the PoR that continue to form, we hope that the quality of our reserve assets will be one of the key differentiating factors for OKX in the market," said Haider Rafique.
The latest report states that the OKX wallet has 123,914 BTC with a user balance of 117,682 BTC on January 18. The OKX Bitcoin reserve ratio is 101 percent, unchanged from last month's PoR report. The Ethereum OKX reserve ratio increased from 103 percent to 105 percent, while the Tether OKX reserve ratio remained stable at 101 percent.
OKX also revealed that the company has published more than 23,000 addresses in the Merkle Tree Proof-of-Reserves program and will continue to use them to make the display of asset flows accessible to the community.
According to a report by blockchain analysis firm CryptoQuant, OKX has the largest net asset reserves compared to other major exchanges. As is known, net assets are considered not to consist of crypto exchange tokens and only consist of high-market affiliated crypto assets such as Bitcoin, Ethereum, and Tether.
On the other hand, a number of other crypto companies such as Binance, Huobi, Bitfinex, Kucoin, and Crypto.com have lower net asset levels. OKX insists that the company has never abused user assets before and will never do so.
Citing the findings of blockchain analytics firm CryptoQuant, OKX assured the community that this is "the largest net asset reserves among major exchanges." As a context, CryptoQuant previously stated that 100 percent of OKX wallets are clean. Instead, it found that 87.67 percent Binance, 60.1 percent Huobi, 69.85 percent Bitfinex, 81.26 percent Kucoin, and 95.49 percent of net Crypto.com as reported by Coinspeaker.
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