How to verify proof of reserves on OKX? (Trust & safety)

Understanding Proof of Reserves

1. Proof of Reserves (PoR) is a cryptographic audit mechanism designed to demonstrate that a cryptocurrency exchange holds sufficient on-chain assets to cover all user balances.

2. OKX publishes real-time Merkle tree-based PoR reports for major assets including BTC, ETH, USDT, and USDC.

3. Each report includes a snapshot timestamp, total liabilities, total verified on-chain reserves, and the corresponding reserve ratio.

4. The Merkle root is published on-chain via Ethereum smart contracts, enabling independent verification without reliance on OKX’s infrastructure.

5. Users can validate their inclusion in the Merkle tree using their individual account hash and the public audit tool provided by OKX.

Accessing OKX’s Public Audit Dashboard

1. Navigate to the official OKX Trust & Safety page at trust.okx.com, ensuring the domain is authentic and not a phishing replica.

2. Select “Proof of Reserves” from the navigation menu to load the latest audited reports.

3. Choose a specific asset to view its detailed breakdown: reserve balance, user liability sum, and the calculated reserve ratio.

4. Click “View Full Report” to download the JSON file containing the Merkle tree leaves, root hash, and auditor signature.

5. Cross-check the reported Merkle root against the on-chain verification contract address listed in the report footer.

Performing On-Chain Verification

1. Retrieve the Merkle root from the JSON report and locate the corresponding Ethereum transaction hash where it was committed.

2. Use Etherscan to inspect the transaction and confirm the root hash matches the one embedded in the contract event log.

3. Input your OKX account UID into the official verification tool to generate your personal leaf node and proof path.

4. Run open-source Merkle tree validators—such as those hosted on GitHub repositories maintained by community auditors—to reconstruct the root from your leaf and proof.

5. If the reconstructed root matches the on-chain root, your balance is cryptographically confirmed as included in the reserve snapshot.

Auditor Independence and Transparency

1. OKX engages Armanino LLP, a U.S.-based certified public accounting firm, to conduct quarterly attestations on reserve holdings.

2. Auditor reports are published in full PDF format alongside raw data, with no redactions affecting reserve calculations.

3. The scope explicitly excludes non-custodial assets, staking derivatives, or synthetic positions—only cold wallet balances and verified hot wallet funds count.

4. Armanino confirms custodial control through multisig wallet ownership reviews and private key custody assessments—not just balance snapshots.

5. Historical PoR reports remain archived and accessible for longitudinal comparison across reporting periods.

Frequently Asked Questions

Q: Does OKX include exchange-owned assets in its reserve calculation?A: No. OKX’s PoR methodology strictly separates user-held balances from corporate treasury holdings. Only addresses under direct custodial control for user deposits are included.

Q: Can I verify my balance if I hold assets in an OKX sub-account?A: Yes. Sub-accounts are aggregated into the parent account’s Merkle leaf. Verification requires the master UID, and the tool automatically accounts for internal allocations.

Q: Why does the reserve ratio sometimes exceed 100%?A: A ratio above 100% reflects surplus reserves, often resulting from unclaimed airdrops, recovered lost funds, or over-collateralization of stablecoin vaults—none of which are counted as user liabilities.

Q: Are stablecoin reserves backed 1:1 with fiat or other crypto?A: OKX discloses backing composition per stablecoin. For USDT and USDC, reserves consist of cash, cash equivalents, and short-term U.S. Treasury bills—verified by Armanino’s attestation letters.