OKX Releases 16th Proof of Reserves Report, Reveals Decline in Bitcoin and Ethereum Holdings

The report, which was published on February 26, 2024, offers a comprehensive breakdown of the crypto exchange’s liabilities and reserves and represents its bold move towards fostering confidence and trust among digital asset investors and regulators alike. 

Per the report, the most frequently traded digital assets on the platform included BTC, USDT, XRP, USDC, SOL, ETH, DOGE, OKB, ELF, DOT, APT, EOS, ETC, FIL, LINK, PEOPLE, TON, TRX, UNI, OKT and BCH. 

Notably, the exchange boasts reserve ratios exceeding 100% for all these assets, affirming that customers’ funds are fully backed on a 1:1 basis. It has an average reserve ratio of 104%.

Despite the positive over-collateralization highlighted in the reserve ratios (USDT: 105%, USDC: 104%, ETH: 104%, BTC: 103%), the report revealed a decline in OKX’s Bitcoin and Ethereum holdings compared to the previous year.

According to the reports, OKX currently holds over 140,086 BTC, with 135,969 belonging to users—a decrease of 10,774 BTC from the holdings of 150,860 BTC reported last year. Additionally, the crypto exchange holds 1,479,285 ETH, with 1,424,184 belonging to users, marking an 86,091 ETH decrease from the previous year’s holdings.

However, amid the decline in Bitcoin and Ethereum holdings, the report highlights a substantial increase in USDT assets. From 5,505,245,136 USDT in the previous report, the 16th PoR report shows OKX’s holdings rising to 5,974,441,721 USDT—an increase of 469,196,585 USDT from the previous year.

The decline in OKX’s Bitcoin and Ethereum holdings was attributed to customers transferring their digital assets from the platform to another exchange or their self-custodial crypto wallets. 

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