In the fast-evolving world of digital finance, trust and transparency are not just ideals—they are necessities. As one of the leading cryptocurrency exchanges, OKX continues to set industry benchmarks with its 31st Proof of Reserves (PoR) report, confirming $28 billion in backed assets. This milestone reinforces OKX’s unwavering commitment to user security, asset integrity, and long-term sustainability in the crypto ecosystem.
Why Proof of Reserves Matters
For any cryptocurrency exchange, safeguarding user funds is paramount. OKX ensures that client assets are always 1:1 backed, meaning every deposit is fully covered by equivalent on-chain reserves. This 1:1 reserve ratio prevents insolvency and protects users from systemic risks that have plagued other platforms in the past.
Moreover, OKX’s on-chain wallets are publicly accessible, allowing anyone to independently verify that user balances are fully collateralized by real digital assets. By publishing monthly PoR reports and maintaining transparent reserve practices, OKX establishes a gold standard in the industry—fostering trust among users, regulators, and institutional partners alike.
This level of accountability is critical for building a healthy, sustainable crypto economy, where transparency isn't optional but foundational.
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What Is Proof of Reserves (PoR)?
Proof of Reserves (PoR) is a cryptographic audit mechanism that verifies a custodian holds sufficient assets to cover all user deposits and platform liabilities. It proves that a crypto exchange possesses a specific amount of digital assets on its blockchain at a given time, ensuring full backing of user account balances—without exposing sensitive personal financial data.
PoR combines transparency with privacy, enabling public verification while protecting individual account details. It plays a vital role in restoring confidence in centralized exchanges, especially after high-profile collapses due to fractional reserve practices.
At OKX, PoR covers 22 major cryptocurrencies, including high-liquidity tokens like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USDT and USDC. These assets form the backbone of our reserve holdings, ensuring liquidity and stability across markets.
How OKX’s Proof of Reserves Works
OKX employs a robust, three-step verification process powered by advanced cryptography:
- Zero-Knowledge Proofs (ZK-STARKs): We use zk-STARK technology to generate a privacy-preserving snapshot of all user account balances, organized in a Merkle Tree structure. This allows us to prove total liabilities without revealing individual data.
- Wallet Ownership Verification: We publicly disclose our on-chain wallet addresses along with signed messages ("I am an OKX address") to cryptographically prove ownership.
- Reserve Ratio Audit: Finally, we compare the total value of user account balances (liabilities) against the total value held in our verified on-chain wallets (assets). A ratio of 100% or higher confirms full reserve backing.
Understanding ZK-STARK Technology
ZK-STARK (Zero-Knowledge Scalable Transparent Argument of Knowledge) is a cutting-edge cryptographic protocol that enables secure, private, and scalable verification. Unlike traditional audits, ZK-STARKs allow OKX to prove the accuracy of our financial statements without disclosing underlying data.
Key benefits include:
- Privacy Protection: No individual user balances or addresses are revealed.
- Scalability: Efficiently handles millions of accounts.
- Transparency: All proofs are open-source and independently verifiable.
- Trustless Verification: Anyone can validate the results using public tools.
This technology ensures that OKX's PoR reports are both tamper-proof and user-verifiable, setting a new benchmark for accountability in digital finance.
The Three Core Constraints in OKX’s PoR System
To ensure data integrity, our ZK-STARK proofs enforce three critical rules:
1. Total Balance Constraint
The sum of all user account balances must equal the total liabilities reported by OKX. This confirms the completeness and accuracy of our accounting.
2. Non-Negative Balance Constraint
Every user account must have a balance of zero or greater. This prevents artificial inflation or negative equity scenarios, ensuring platform solvency.
3. Inclusion Constraint
Each user’s balance must be included in the Merkle Tree used for proof generation. This guarantees no accounts are excluded from the audit.
These constraints work together to create a cryptographically sound audit trail, making fraud or manipulation virtually impossible.
How to Verify OKX’s Proof of Reserves
You don’t have to take our word for it—anyone can independently verify OKX’s reserves using open-source tools and public data.
Step 1: Verify Asset Inclusion (Merkle Tree Check)
Ensure your account balance was included in the audit:
- Visit the OKX Proof of Reserves page and select the latest report.
- Click Details and copy your inclusion proof data (save as
_inclusion_proof.json). - Download the open-source ZK-STARK Validator tool from OKX.
- Run the validator—it will automatically process your JSON file.
✅ If successful: “Asset inclusion constraint verified”
❌ If failed: “Asset inclusion constraint failed”
Note: Historical Merkle Trees are available from November 2022 onward for ongoing verification.
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Step 2: Validate Total and Non-Negative Balances
Confirm that OKX’s reported totals are accurate and solvent:
- Download the
sum_proof_data.jsonfile from the “Liabilities Report” tab. - Extract the archive and place the file in your working directory.
- Add the ZK-STARK Validator tool to the same folder.
- Launch the validator to check the proof.
✅ Success message: “Total and non-negative balance constraints verified”
❌ Failure message: “Verification failed for total or non-negative balance constraints”
Step 3: Confirm Wallet Ownership and On-Chain Balances
Prove that OKX owns its reserve wallets:
- Download the official list of OKX wallet addresses.
- Use an open-source signature verification tool or OKX’s own validator.
- Copy the BTC/ETH address, signature, and message (“I am an OKX address”).
- Verify the digital signature matches the private key.
- Cross-check the wallet balance using a blockchain explorer at the reported block height.
This end-to-end verification process empowers users to trustlessly confirm that OKX holds real assets matching user deposits.
Frequently Asked Questions (FAQ)
Q1: What does a 105% reserve ratio mean?
A 105% ratio means OKX holds 5% more assets than required to cover user deposits. This surplus enhances security and provides a buffer against market volatility or unexpected withdrawals.
Q2: Can I verify my own account balance?
Yes! Using the inclusion proof tool, you can confirm your balance was included in the Merkle Tree snapshot used for the PoR report.
Q3: Are stablecoins included in reserves?
Yes, major stablecoins like USDT, USDC, and DAI are part of our reserve assets and fully backed 1:1 with underlying collateral.
Q4: How often are PoR reports published?
OKX releases monthly Proof of Reserves reports, ensuring continuous transparency and real-time accountability.
Q5: Is ZK-STARK open source?
Yes, OKX’s ZK-STARK implementation is fully open-source, allowing developers and auditors worldwide to inspect, test, and contribute to its security.
Q6: Why is Proof of Reserves important for regulation?
Regulators increasingly demand transparency from crypto platforms. PoR provides verifiable evidence of solvency, helping exchanges comply with global standards and build institutional trust.
By combining advanced cryptography, public verifiability, and consistent reporting, OKX leads the industry in operational transparency. Our $28 billion in reserves isn’t just a number—it’s a promise backed by code, math, and open access.
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