Proof of Reserves Audit for OKX

Hacken conducted an independent Proof of Reserves (PoR) audit for OKX, one of the biggest crypto exchanges in the world, confirming users’ funds are backed 1:1 on the platform.

Hacken will continue verifying OKX assets on a monthly basis, showcasing the highest standard for transparency and trust in crypto.

Don’t Trust, Verify

Hacken’s PoR team utilized advanced methodologies, such as zk-STARK proofs and ownership validation, to critically evaluate whether users can truly trust OKX with their digital assets. The report confirmed OKX’s commitment to transparency by verifying a >100% reserve ratio, ensuring full backing of user liabilities for in-scope assets.

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Why Prove Anything?

There’s a growing trend of regulators requiring crypto exchanges to publish Proof of Reserves (PoR) in the future. PoR provides a mathematically verifiable framework for crypto exchanges to demonstrate that user assets are fully backed, preventing the mismanagement seen in cases like FTX. OKX sets the benchmark by maintaining a 1:1 reserve ratio and offering an online PoR verification platform, allowing users to confirm their holdings independently. For custodians, trust hinges on transparency, and PoR is the foundation for earning and maintaining it.

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Key Highlights of POR Audit

Scope and Methodology:

• Covered assets across 20+ networks, including Ethereum, Solana, Polygon, and Bitcoin.
• Employed innovative techniques such as zk-STARK verification and “Send-to-Self” transactions to validate reserve ownership.
• Independent algorithms were developed for accurate balance evaluations.

Findings:

• OKX demonstrated a 1:1 reserve ratio, with assets exceeding user liabilities.
• The report validated 655,653 unique wallet addresses and included 21,000 user proof files, exceeding statistical requirements for confidence.
• Zero discrepancies in reserve validation, reinforcing OKX’s financial robustness.

Transparency and Technology:

• Leveraged public wallet address disclosures and cryptographic proofs to verify reserves.
• OKX’s proprietary zk-STARK implementation provided verifiable evidence of liabilities while preserving user privacy.

See full report at our website

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OKX’s Transparency Strategy: Leading the Way in Security and Proof of Reserves

OKX’s commitment to transparency is evident through its robust security framework and continuous efforts to protect user assets. As one of the few exchanges consistently publishing monthly Proof of Reserves (PoR) reports, OKX maintains reserve ratios exceeding liabilities for key assets like BTC, ETH, USDC, and USDT. 

Long-Term Commitment To Trust

OKX has authorized Hacken to conduct monthly, dynamic PoR reports, ensuring real-time transparency and consistently verified balances.

Beyond Proof of Reserves More Than Solvency

Complementing its PoR program, OKX has achieved SOC 1 Type 2 and SOC 2 Type 2 compliance, highlighting its adherence to global standards for data and asset protection. Through advanced encryption, AI-powered tools like SkyNet, and the a multi-billion-dollar insurance fund, OKX empowers users with a secure and verifiable ecosystem, embracing the ethos of “Don’t Trust, Verify.”

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Hacken: Your Trusted Partner in Proof of Reserves  

With OKX onboard, Hacken has established itself as a unanimous leader in Proof of Reserves (PoR) verification. We conducted similar reports for eight crypto exchanges, including Bybit, BigONE, Backpack, and ByDFi.

From early investigations into exchange tradewashing to issuing warnings about FTX, Hacken has consistently advocated for greater transparency in the crypto industry, supported by initiatives like CER ratings and CoinGecko Trust Scores for exchanges.

As the industry moves toward higher accountability standards, Hacken continues to offer independent verification of liabilities, ownership, and reserves, providing exchanges and users with the assurance needed to build trust in digital asset platforms.

Conclusion

The collaboration between OKX and Hacken exemplifies financial transparency in the crypto industry. By maintaining reserves that exceed liabilities, OKX ensures user confidence and sets a benchmark for accountability. Proof of Reserves is indispensable for enhancing investor protection and strengthening user confidence in cryptocurrency assets.