Phemex’s Proof-of-reserves (PoR) tool now allows all users to verify all their account balances against our wallet reserve assets. To learn more about Proof-of-reserves, please read What is the Phemex Proof-of-Reserves (PoR)?
Here is a step-by-step guide on how to use the Phemex PoR tool:
1. Log into your Phemex account.
2. On the top right corner of the page, click on Assets
3. Then, click the Proof of Reserves button.
4. Our Proof-of-Reserve tool now allows you to select the specific time for the reserves data.
5. Select the Proof Date, your account balances will now populate for each of the supported currencies.
6. Click the Check button below all the balances to see the exact location of your hashed data within the Merkle tree.
7. You can now see where your funds are located on a simplified Merkle tree for each available asset type (can be toggled from the dropdown menu above). The Merkle Tree Root Hash is also available on the right. Feel free to click View Full Tree to see the entire Merkle Tree proof.
8. Note that you can now also see our platform’s total liabilities associated with the available assets directly on the Merkle Tree. The top merkle root hash displays the total deposits from all users on our platform for that asset, which can also be interpreted as our total liabilities for the asset. This information is viewable for BTC, ETH, and USD (including USDT and USDC) respectively.
9. Feel free to compare our total liabilities to the total assets in reserves within a portion of our wallets. Our wallets are listed on the right side of the Proof-of-reserves page.
NOTE: The sum of all Phemex balances/liabilities must be equal to or lower than the total assets in reserve within our published wallets. This means we have more than enough real assets in reserve to back up your balances and that of all other Phemex users.
