Dear Users,
As of July 24, 2023 our self-proving proof-of-reserves mechanism has been updated with the most recent information. The current version enables users to choose the time during which PoR assessment is made. Moving forward, our proof-of-reserves data will be regularly updated on a monthly basis, roughly on the 25th of every month.
All Phemex user accounts, with their unique IDs, are hashed with a random nonce and aggregated to produce a Merkle tree of all exchange balances. Our unique PoR allows users to rely on their own confirmation and on code, without needing you to blindly trust in a third-party auditor. We believe that in the crypto industry, transparency is king. In alignment with this value, our Proof-of-Reserves also publishes a portion of our cold wallets so that any user can view our total assets, liabilities, thereby achieve proof-of-solvency as well.
For more information on the Phemex Proof-of-Reserve tool, check out the two user guides below:
Phemex Team
