Numbers Don’t Lie (We Hope): Proof-of-Reserves of Global Crypto Exchanges

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Numbers Don’t Lie (We Hope): Proof-of-Reserves of Global Crypto Exchanges

To increase transparency among centralized exchanges, you may have heard of exchanges’ proof-of-reserves. In this article, we will explore the top crypto exchanges based on their proof of reserves, a new ‘proof’ that was introduced after the insolvency of the cryptocurrency exchange FTX. When we take a look at these exchanges and their biggest wallets, smart crypto sleuths can determine if the exchange is as liquid as they claim. In short, “Vires in Numeris.”

What is the proof of reserve of Binance?

Est – $64,337,640,422

Binance conducts regular audits to show that it holds reserves exceeding customer assets. Recent audits found reserves over 100% for major coins.

Binance uses Merkle trees and zero-knowledge proofs (zk-SNARKs) to provide users with transparency. Merkle trees hash all accounts into one root hash. Users’ unique record IDs allow them to verify that their balance was included in an audit. zk-SNARKs allow Binance to prove accuracy without revealing individual account data. More information can be found here.

Binance has around 36 known wallets. Some excerpts from their portfolio can be found in the pictures below:

Binance 1
Binance 2

What is the proof of reserve of OKX?

Est – $6,147,076,827

The Proof of Reserves (PoR) ensures that OKX holds over 100% of users’ crypto deposits in reserves. They publish monthly audits using zero-knowledge proofs (zk-SNARKs) that cryptographically verify reserve amounts without exposing personal account data. This allows anyone to confirm that OKX maintains over 102% reserves backing coins like Bitcoin, Ethereum, and Tether. OKX’s approach to transparency and maintaining a 1:1 reserve ratio sets the standard for protecting digital assets.

OKX has 70 wallets linked to their exchange. We take a look at two of them:


What is the proof of reserve of HTX?

Est – $2,925,204,816

HTX, previously known as Huobi, recently published a report disclosing its proof of reserves by listing all major cryptocurrency wallet addresses holding users’ assets in hot and cold storage. This provides transparency into its reserve amounts for coins like BTC, ETH, USDT to demonstrate solvency and its commitment to improving transparency for traders.

The Asian exchange of Justin Sun has 30 wallets where we can take a look at some of them:


What is the proof of reserve of KuCoin?

Est – $2,440,716,664

KuCoin conducts regular PoR audits and publishes Merkle tree snapshots that cryptographically prove reserves match user deposits. To verify funds, users can access the PoR page and select an audit snapshot period. They will get a unique ID to view verification details. The verification page shows the user’s portfolio and assets during the snapshot. It also allows copying Merkle tree data or wallet addresses.

KuCoin has 19 addresses linked. Some excerpts from those wallet addresses are provided below:

KuCoin 1
KuCoin 2

What is the proof of reserve of

Est – $2,939,034,799 has released its Proof of Reserves attestation, which allows users to confirm that their crypto assets stored on the platform are fully backed 1:1 by reserves. An international audit firm, Mazars Group, conducted the verification, using cryptographic procedures to cryptographically prove that’s reserves back all user balances.

The cryptocurrency exchange has 10 wallets known and linked, with some excerpts provided below. 1 2

What is the proof of reserve of Bybit?

Est – $2,939,034,799

Bybit recently conducted another round of its Proof of Reserves audit to provide users with transparency and assurances around the safety of their funds. As part of its mission to be a leading cryptocurrency exchange, Bybit spares no effort to ensure the highest levels of reliability for traders. Through its Proof of Reserves process, users can easily verify key aspects like the balance of their assets as shown in the Merkle tree, the balances and ownership of the disclosed wallet addresses, and the exchange’s reserve ratio.

Bybit has 19 known Ethereum wallets, with some ERC-20 tokens balances below:

ByBit 1
ByBit 2

What is the proof of reserve of Bitget?

Est – $2,939,034,799

Bitget prioritizes transparency, publishing wallet addresses and open source PoR code for users to verify their funds. It also provides monthly snapshots and censored user balance views to continually update solvency levels. Bitget’s $300M Protection Fund and support for FTX users, coupled with provable reserves, help rebuild trust critical for adoption after the FTX event.

Bitget has 36 public Ethereum wallets linked to its exchange. We’ll take a look at a few of them below:

Bitget 1
Bitget 2

What is the proof of reserve of

Est – $2,939,034,799 is committed to providing our users with transparency and peace of mind. It says it maintains 100% proof of reserves to back all customer assets. Through an audit process,, users can easily verify that their funds are fully backed and safely stored on our platform.

Gate has 28 Ethereum wallets linked, with some ERC-20 token balances below:

Gate 1
Gate 2


The top players in the centralized exchange business are committed, although we hope to hold the reputation of crypto in another light and by providing information about their proof of reserves, to obtain credibility and trustworthiness.

But we have to mention that wallets are sometimes linked to volatile crypto assets, as we have seen in the past. Tokens with no liquidity can count for the portfolio of cryptocurrency exchanges but are no more than a virtual number that can drop to the floor in a matter of minutes.

Therefore, it is advisable to remain cautious and keep your crypto in self-custody or don’t risk more than you can afford to lose. Needless to say, numbers can change and the above numbers are nothing more than a snapshot. For an up-to-date overview, refer to TIN, a website that tracks the proof of reserves through the linked wallets of the main centralized exchanges.


Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.

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