In its 22nd proof of reserve report, OKX, which offers legal services in more than 50 countries, including Turkey, listed the assets of users and the exchange. According to the report’s data, the exchange has more collateral than user assets.
Down 1,478 BTC from the month before, OKX users’ Bitcoin holdings came out as 138,780 BTC. Comparatively, the trading platform claimed to have 145,484 Bitcoins on collateral, a drop of 642 BTC.
Unlike Bitcoin, there was a rise in Ethereum assets. The July report claims that users’ ETH currencies grew by 41,820, or more than 1.61 million. Simultaneously, the exchange’s Ethereum holdings rose by more than 26,000 and came to 1.62 million ETH coins.
XRP, DOGE, and SOL balances dropped by 12.8%, 3.9%, and 3.2%, respectively; users’ USDC and USDT holdings rose by 11% and 7%. With a 24-hour volume of $1.6 billion, the primary bitcoin exchange ranks sixth even with the reductions.
Published every month since November 2022 using the zk-STARK technique, the proof-of-reserve report emphasizes the exchange’s dedication to openness and seeks to facilitate regulator clarity provision.
Reports say the OKX exchange can cover 100% or more of user balances. More assets than user balances indicate that this platform is capable of offsetting bankruptcy and related circumstances.