OKCoin Passes Bitcoin Proof of Reserves Audit
OKCoin has passed a Proof of Solvency/Proof of Reserves audit conducted by Stefan Thomas. The audit was announced on Weibo yesterday. Fellow Chinese Bitcoin exchanges, Huobi and BTC China, are also expected to release similar announcements soon. Stefan Thomas previously conducted the same Proof of Solvency/Proof of Reserve audits for Bitfinex and Kraken. Similarly, Bitstamp was able to pass an independent test and prove their solvency to BitcoinJ developer Mike Hearn. OKCoin, along with many other industry-leading Bitcoin exchanges around the world, all now believe that providing Proof of....
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PRESS RELEASE. Yield App, one of the rising and most trusted digital wealth platforms, recently underwent a thorough ‘proof of reserves’ audit. The inspection was conducted by Armanino LLC, the firm responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world.
Yield App passed the audit with flying colors, bolstering its stance on safety and accountability of the assets deployed by customers into portfolios available on its platform.
What is ‘proof of reserves’?
A proof of....
The ‘big three’ Chinese exchanges – BTC China, OKcoin, and Huobi – have been ramping up their offerings to customers and have demonstrated their desire to expand into lucrative western markets. In a follow-up to our previous interview with OKcoin, this time we got the chance to talk with the CTO of the Beijing-based exchange, Changpeng Zhao, who shared his thoughts on his company’s recent audit, the NY state BitLicense and a whole lot more. CoinTelegraph: OKcoin has revealed it has 104% reserves when it underwent an audit last month. Why did you decide to do this audit and are you looking....
Chinese exchange OKCoin today released details of an audit to prove it holds 104.86% of the bitcoin reserves required to cover customer balances. Going forward, the company will also seek to implement a cryptographic 'merkle tree' verification system, allowing users to verify for themselves that their account balance was included in the audit data. Other China-based exchanges are busy working on audits of their own, following recent demand from the local community for the companies to be more transparent in their accounting. BTC China announced on 19th August that it would allow an....
Bitcoin exchange Kraken has passed a cryptographically verifiable proof of reserves audit with flying colours. The audit, which was carried out by Stefan Thomas on 11th and 22nd of March, proved that more than 100% of Kraken's bitcoins are held in reserve. The process was designed to allow the auditor to verify that the total amount of bitcoins held by Kraken matches the amount required to cover an anonymized set of customer balances. Covering all balances. Thomas said the audit was very strict, but at the same time it maintained "absolute privacy" for customers. He also added that Kraken....
Bitstamp proves Bitcoin solvency. On Saturday, 5/24/14, Bitcoin exchange Bitstamp proved their Bitcoin reserves to BitcoinJ developer Mike Hearn. Mike Hearn is a former Google engineer that has been with the Bitcoin community for many years and has a strong reputation. Bitstamp announced their Proof of Reserves via a report released yesterday. Unfortunately, Proof of Bitcoin Solvency is a far cry from a full financial audit, a point that Bitstamp is quick to acknowledge. Bitstamp is leading the charge for Bitcoin exchange transparency and has committed to more Proof of Solvency tests and a....