OKX Proof of Reserves: Verify Exchange Solvency and Asset Transparency

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In today’s rapidly evolving digital asset landscape, trust and transparency are more critical than ever. Cryptocurrency exchanges hold vast amounts of user funds, making it essential for platforms to prove they are fully solvent. OKX addresses this need with its Proof of Reserves (PoR) system — an open-source, verifiable framework that empowers users to independently audit the exchange's asset holdings and liabilities.

This comprehensive guide walks you through how OKX’s Proof of Reserves works, how you can verify wallet ownership and balances, and how to confirm that user liabilities are accurately represented using cryptographic proofs like Merkle trees and zk-STARKs.

Understanding Proof of Reserves

Proof of Reserves (PoR) is a cryptographic method used by cryptocurrency exchanges to demonstrate they hold sufficient on-chain assets to cover all user balances. Unlike traditional audits, PoR allows any user to independently verify the exchange's solvency without relying solely on third-party reports.

OKX’s implementation ensures:

👉 Discover how OKX ensures full transparency with real-time Proof of Reserves verification.

How to Verify OKX’s Reserves

Step 1: Download the Proof of Reserves File

Start by downloading OKX’s official Proof of Reserves file, which contains a list of all public wallet addresses used by OKX across multiple blockchains. Each entry includes:

You can cross-check these balances directly on-chain using blockchain explorers.

Step 2: Verify Address Ownership with VerifyAddress

To ensure these wallets are genuinely controlled by OKX, each address comes with a signed message: "I am an OKX address."

Use the open-source VerifyAddress tool to validate the digital signature:

./build/VerifyAddress --por_csv_filename ./example/okx_por_example.csv

Alternatively, use trusted third-party tools:

This step confirms cryptographic ownership, preventing spoofed addresses.

Step 3: Confirm On-Chain Balances with CheckBalance

Once ownership is verified, confirm that the actual on-chain balance matches the reported amount at the specified block height.

Use the CheckBalance utility:

To sum all address balances:

./build/CheckBalance --rpc_json_filename="./example/rpc.json" --por_csv_filename ./example/okx_por_example.csv

To check a single coin (e.g., ETH):

./build/CheckBalance --mode="single_coin" --coin_name="ETH" --rpc_json_filename="./example/rpc.json" --por_csv_filename="./example/okx_por_example.csv"

This ensures transparency and accuracy in OKX’s reserve reporting.

Validating User Liabilities with Zero-Knowledge Proofs

While reserves show what OKX holds, liabilities reveal what it owes to users. To protect privacy while proving solvency, OKX uses advanced cryptographic structures — starting from Merkle trees to zk-STARKs.

zk-STARK Validator V2 (Since September 27, 2024)

The latest version leverages zk-STARKs (Zero-Knowledge Scalable Transparent Arguments of Knowledge) to simultaneously prove:

Verification Steps:

  1. Go to Audits and click Details to access your audit data.
  2. Click Copy data, paste it into a new file named inclusion_proof.json.
  3. Download the zk-STARK file from the "Liability report" tab under Audit files.
  4. Unzip to find sum_proof_data.json.
  5. Download the open-source zk-STARKValidator and place it in the same folder.
  6. Run the validator — it will automatically verify all constraints.

This process ensures end-to-end cryptographic assurance without exposing personal data.

zk-STARK Validator (April 27, 2023 – August 8, 2024)

For earlier reports, the process was split into two stages:

Verify Inclusion Constraint

  1. Access your audit details via Audits.
  2. Copy and save your data as a JSON file.
  3. Download zk-STARKValidator v3.0.0.
  4. Run the tool to check inclusion in the Merkle tree.

Verify Total Balance & Non-Negative Constraints

  1. Download the zk-STARK liability file.
  2. Extract the sum_proof_data folder containing sum_proof.json and sum_value.json.
  3. Place the validator in the root directory.
  4. Execute to verify total liabilities and absence of negative values.

👉 Ensure your assets are backed 1:1 — start your own audit with OKX’s open-source tools today.

Merkle Tree Validator (November 22, 2022 – March 16, 2023)

Before zk-STARKs, OKX used Merkle trees for liability proofs.

Version 1:

  1. Log in → Audits → Copy Merkle proof data as merkle_proof_file.json.

  2. Run:

    ./build/MerkleValidator --merkle_proof_file ./example/merkle_proof_file.json

Version 2 (Enhanced):

  1. Download the full Merkle tree file from Liabilities download page.
  2. Save your user data as user_info_file.json.

  3. Run:

    ./build/MerkleValidator --merkle_file ./example/full-liabilities-merkle-tree.txt --user_info_file ./example/user_info_file.json

These tools enabled early transparency while laying the foundation for more advanced systems.

Core Keywords for SEO Optimization

To align with search intent and improve discoverability, key terms naturally integrated throughout include:

These keywords reflect common queries from security-conscious traders and institutional investors seeking reliable ways to validate exchange trustworthiness.

Frequently Asked Questions (FAQ)

Q: What is Proof of Reserves?

A: Proof of Reserves (PoR) is a cryptographic method allowing exchanges like OKX to prove they hold enough assets to cover all user deposits. Users can independently verify wallet ownership and on-chain balances.

Q: Why should I verify OKX’s reserves?

A: Independent verification enhances trust and reduces counterparty risk. By confirming reserves exceed liabilities, you ensure your funds are fully backed.

Q: Do I need technical skills to perform verification?

A: Basic command-line knowledge helps, but detailed guides and open-source tools make the process accessible even to non-developers.

Q: How does OKX protect user privacy during liability audits?

A: OKX uses Merkle trees and zk-STARKs — cryptographic methods that allow verification without revealing individual user data.

Q: Can I verify my own balance is included?

A: Yes! Through the Audit section on OKX, you can download personalized proof data and use validators to confirm your balance is part of the total liability report.

Q: Is OKX’s Proof of Reserves open source?

A: Absolutely. All verification tools — including VerifyAddress, CheckBalance, and zk-STARKValidator — are publicly available on GitHub for full transparency.

Building from Source

For developers who prefer compiling tools locally:

Reserves Tools (Go-based)

Requires Go v1.17+

# Install dependencies and compile
go build -o build/VerifyAddress cmd/VerifyAddress/main.go
go build -o build/CheckBalance cmd/CheckBalance/main.go

Liabilities Tools (Python-based)

Requires Python ≥3.9

pip install pycryptodome pyinstaller
pyinstaller -F zk_STARK_Validator.py

Compiled executables are located in the /cmd directory.

By combining open-source tooling, transparent data publishing, and cutting-edge cryptography, OKX sets a new standard in exchange accountability. Whether you're a retail trader or institutional investor, you now have the power to verify, validate, and trust — independently and securely.

👉 Start your own Proof of Reserves audit now — transparency starts with you.