CoinEx Updates Asset Reserve Ratio to Further Boost Platform Transparency and Fully Safeguard User Asset Security
Reaffirming its commitment to transparency and security, leading crypto exchange CoinEx has updated its asset reserve ratio on December 26, 2023. This move aims to provide users with greater assurances and peace of mind regarding the protection of their funds on CoinEx.
CoinEx has always attached great importance to the security and protection of user assets, making it a top priority to safeguard user funds. By prioritizing investor protections from the outset, CoinEx underscores its commitment to upholding the highest security standards and building confidence in the emerging crypto economy.
Full Data Transparency to Build Trust with Users
CoinEx encrypts user assets using Merkle Tree as a data structure, while also disclosing the total assets of all users. Every CoinEx user can verify whether their account assets are included in the Merkle Tree to authenticate the data's validity.
According to the latest data published by CoinEx, the reserve ratio for CET has reached 113.83%, while the reserve ratios for mainstream assets such as USDT, USDC, BTC, and ETH have all exceeded 100%. This means that for every $1 of assets deposited by users, CoinEx reserves at least an additional $1 to ensure the platform has sufficient funds to meet user withdrawal demands and safeguard user assets. Currently, CoinEx proves its reserve of CET, USDT, USDC, BTC, ETH, and DOGE. (https://www.coinex.com/en/reserve-proof)
Since 2023, CoinEx has regularly updated and disclosed its Proof-of-Reserve data. CoinEx further demonstrates transparency, credibility, and stability to its users. It not only ensures the security of user assets but also provides a clear understanding of the platform's operations. CoinEx has maintained a 100% reserve ratio for the past six years since its establishment in 2017, creating a safe and transparent user trading environment.
New Upgrade on Asset Security System to Fully Protect User Assets
The regular updates to Proof-of-Reserve data demonstrate CoinEx's ongoing commitment to safeguarding user assets. CoinEx has implemented robust technical protections. By coupling verifiable reserves with multi-layered security measures, CoinEx upholds the highest standards in insulating user funds from potential risks. The platform's extensive safeguards provide peace of mind for users, even during periods of heightened volatility.
CoinEx upgrades its asset security system on a regular basis, including developing an offline storage system, implementing multi-signature and multi-backup features, and establishing various security emergency response plans to protect user assets comprehensively.
CoinEx deployed a hybrid approach that strikes the right balance between asset management convenience and security. The team adopts a cold-hot wallet separation storage method to ensure the security of user assets. Dynamic mechanisms, such as multi-location storage backup of important information, multi-signature authorization management, and regular checks on device security were also well implemented.
Meanwhile, CoinEx has improved the security level of the cold wallet system by adding its proprietary security warnings, automated monitoring, and physical isolation mechanisms, providing users with enhanced asset protection.
CoinEx has established a user protection fund - CoinEx Shield Fund, and collaborated with leading security organizations to jointly build a secure fortress. By comprehensively upgrading the platform's protection capabilities and regularly updating and disclosing Proof-of-Reserve data, CoinEx is committed to providing comprehensive protection for user assets and creating a safe and reliable trading environment for global crypto investors.
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