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. You can find your Hashed Client ID under the Deposit, Withdraw, and Transfer buttons on this Overview page. Click the Copy button next to it.
4. Then, click the Proof of Reserves button.
5. Paste your ID into the Hashed Client ID field on the Proof-of-Reserves page.
6. Click the Find My Balance button next to the field.
7. Your account balances will now populate for each of the supported currencies. Please also note the time of the snapshot and the Merkle-tree root hash on the right.
8. Click the Check button below all the balances to see the exact location of your hashed data within the Merkle tree.
- Optionally, you can also click the View Full Tree button to display the entire Merkle tree.
9. Click on the Download Data button to download a CSV file containing all Hashed Client IDs and their associated balances.
10. Use the search function to find your Hashed Client ID within the file to verify the inclusion of your balances once again.
11. Add all of the balances to obtain a complete sum of our Phemex balances/liabilities.
12. Compare the final balances to the total assets in reserves within our cold wallets. Our cold wallets are listed on the lower right corner 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 cold wallets. This means we have more than enough real assets in reserve to back up your balances and that of all other Phemex users.