Why Proof of Reserves matters
Our number one priority is to guarantee your funds are always safe and secure. We maintain 1 to 1 reserves at all times and pride ourselves on our lasting reputation for best-in-class security. Now, we're providing you with even greater transparency through Proof of Reserves (PoR).
Our on-chain wallet holdings are public, so you can always verify that our customers' funds are backed 1 to 1 by real assets. To make it easy for you to verify that your assets are safe in our reserves, we're regularly publishing PoR audits.
We use a reserve ratio to determine if our asset reserves are full or in excess. To learn how this works, you can visit Okcoin reserves
Latest audit date: - (GMT-8)
How it works
Proof of Reserves (PoR) is a common audit method. We use it to prove that we have the funds to cover all assets held on our exchange.
We verify the PoR in 3 steps:
1) We use a verification method known as a "Merkle tree", a data structure designed to encrypt blockchain data securely. This method is used to verify that we safely hold all our customers’ assets.
How to tell your assets are included in the Merkle tree
A snapshot is taken of all eligible customer accounts. Each customer is given a unique, anonymous hash ID.
The "Merkle tree" consists of "Merkle leaves" and a "Merkle root". Each leaf is a customer's assets. The sum of all customer assets is a root, a cryptographic signature that represents all customer holdings. The tree is designed to show data manipulation. Any changes to customer assets reflect in the root to ensure the complete accountability of data.
How to verify the ownership of Okcoin's wallet address and assets
We published a list of wallet addresses where you can check the total Okcoin assets stored on-chain. These addresses contain a signed message, "I am an Okcoin address", which confirms our ownership. You can then use third-party or open-source "VerifyAddress" tools provided by Okcoin to verify our ownership.
How to verify the Okcoin collateral ratio
Compare the total assets held in Okcoin's on-chain wallets with total customer assets from the Merkle root. For the purpose of these instructions, we will refer to value as balance.
If our total on-chain asset balance is greater than or equal to our total customers' asset balance, then the collateral ratio will confirm Okcoin has Proof of Reserves.
The audit results in a snapshot of our customer asset balance at that time. Any subsequent transactions after the time of the snapshot or coins out of auditing scope aren't included.
How to self-verify Proof of Reserves
Verify if your assets are included in our Merkle tree
- To verify if the asset balance you hold in your account has been included as a Merkle leaf, log in to your Okcoin account. Then, visit "Your audit" to view recent audits and select "Details" to view your audit data.
You can manually verify your assets in the Merkle tree by following our guide. Get the data you need to verify by selecting "Copy data".
Run our verification tool, MerkleValidator , and paste the copied data. If the data can pass verification, our Merkle tree snapshot includes your assets.
If you pass verification, the result “Merkle tree path validation passed” will be shown.
If you fail verification, the result “Merkle tree path validation failed” will be shown.
Verify our wallet address ownership and balance
You can verify the ownership of our public wallet addresses. We'll share the crypto type, amount, signature, and sign a message "I am an Okcoin address" to the corresponding private key. You can use Okcoin's VerifyAddress or use a third-party verification tool.
Using BTC as an example, follow these steps:
- Download the public wallet address files . Then download our open-source verification tools from GitHub to start verifying.
Open the downloaded file and copy the address, message, and signatures. Each must be copied separately.
Paste the provided information from the downloaded files to a third-party signature verification tool to verify both the address and signature. If the verification passes, it means Okcoin owns the address.
Use the tool CheckBalance to verify the Okcoin wallet address balance with the corresponding block height snapshot.
Third-party tools can only verify ownership one address at a time. If you want to verify the ownership of all Okcoin addresses at once, use Okcoin's VerifyAddress tool.
