Cryptocurrency exchange OKX has released its second proof of reserve (PoR) report. In the report, although there was no visible change in the collateral, a small decrease in the funds drew attention.
OKX, in the report published on its official website on December 20, stated that the customers kept on the platform. assets and the stock market guarantee rates shared. In all assets published by the stock exchange since the previous report extreme collateralization status to protect continue that he seen.
With the report hitting the market, many cryptocurrency commentators began to examine the collateralization rates of Binance and OKX. Customers welcomed OKX’s announcement of the ratios it holds in return for the largest volume of customer assets.
In the report shared by OKX, the stock market 112,192 Bitcoins (BTC) against user balance 113,754 holding BTC holdings BTC 101% appeared to be warranted. OKX’s margin rate for BTC since last report %one until decreased However, this decline is not thought to be at alarming levels. On the other hand, the biggest competitor of the stock market at Binance for BTC in the proof-of-reserve report he shared 101% It is known to hold collateral.
Ethereum (ETH) on the side of the stock market 103% stated in his proof of reserve report that he has collateral. OKX, 1,091.007 user ETH counterpart 1,124,295 He stated that he holds ETH. Against this Binance if in reserves 4.8 million ETH exists. However, Binance other than BTC clearly specify the collateral ratios of customer assets. not specified to be How secure are these assets? unknown.
In the OKX report, Tether (USDT) also mentioned its reserves. The company’s 3,118,778,203 USDT against customer assets 101% with collateral rate 3,137,965,012 USDT information has been preserved. If Binance 17.6 billion with USDT approx. 6 times bigger It turned out that he had USDT reserves.
OKX’s withdrawal from Binance on social media due to Binance’s failure to disclose collateral rates for its non-BTC assets and recent allegations about proof of reserve. more trustworthy on whether it will speculations circulate started.
on the other hand traditional finance and audit companies are investors of proofs of reserve published by exchanges you can mislead suggested. Financial actors are aware of these reports, the company’s internal control about information that you didn’t give underlined. The famous economist who knew beforehand the real estate crisis that started in the USA in 2008 Michael burry proof of reserve reports error and with mistakes He said it might be full.