CoinEx, a popular no-kyc crypto exchange, has updated its Proof of Reserve data on June 20, 2024 (UTC). This update aims to make it easier for users to understand the asset transparency of the platform.
Since its launch in 2017, CoinEx has committed to a 100% reserve policy, ensuring that user assets are never embezzled for any purpose. The platform guarantees the ability to fulfill 100% of user withdrawals at any time.
Accessing Proof of Reserve Data
Users can easily access the updated Proof of Reserve data through the bottom navigation bar on the CoinEx website. By clicking on the “Proof of Reserve” link, users can view detailed information about the platform’s asset transparency.
Latest Reserves Data
The latest audit data shows that CoinEx holds a strong reserve rate across various cryptocurrencies. This data reflects the platform’s commitment to maintaining a safe, reliable, and transparent trading environment.
- Proof of Reserve Data: Updated on June 20, 2024.
- Snapshot Time: June 20, 2024, at 09:00:00 (UTC+2).
- Reserve Rate: CoinEx maintains a 1:1 reserve rate for user assets, ensuring complete transparency.
Detailed Reserve Rates:
- CET: 798,927,791.38 total assets (113.31% reserve rate).
- USDT: 120,896,789.20 total assets (107.49% reserve rate).
- USDC: 3,081,984.64 total assets (110.81% reserve rate).
- BTC: 2,432.16 total assets (101.28% reserve rate).
- ETH: 28,715.04 total assets (102.79% reserve rate).
- DOGE: 140,167,739.28 total assets (102.28% reserve rate).
Remarks: ETH on-chain assets include CoinEx’s cold and hot wallet assets as well as on-chain staking assets. The validator address for on-chain staking will be disclosed within the wallet audit address.
Ensuring Trust with Merkle Tree Audits
CoinEx uses the “Merkle Tree” as an audit method to verify that the platform maintains a 100% reserve rate. This process involves three key steps for verification:
- CoinEx encrypts user assets using the “Merkle Tree” data structure and publishes the total assets of all users simultaneously.
- CoinEx displays the total assets of all on-chain wallet addresses and wallets held by the platform.
This methodology ensures that users can independently verify the platform’s reserve rate, fostering trust and transparency.
CoinEx’s development and success are deeply rooted in the trust and support of its users. The platform continues to fulfill its promise of a 100% reserve rate, providing a transparent and secure environment for crypto trading. By maintaining this high standard, CoinEx aims to offer a fair, reliable, and transparent trading experience for all its users.
Users are encouraged to review the updated Proof of Reserve data and experience the security and transparency that CoinEx offers. CoinEx only updates their asset holding reports twice a year, unlikely most exchanges that publish proof of reserves on a monthly basis. However, by updating and auditing its reserve data, CoinEx ensures that users can trade with confidence, knowing their assets are safe and fully backed.
