What is Proof of Reserves?
Proof of Reserves (PoR) is a way to ensure that a platform holds enough assets to cover all of its client account balances. To read more about what PoR is and how it works, please check out this Crypto.com University article.
What is a Merkle Tree?
A Merkle Tree is an anonymized proof of client balances, allowing anyone to cryptographically verify that the exchange holds their funds and that their account balances are included in the PoR. The Merkle Tree is created and maintained by an independent auditor. To read more about how Merkle Trees could be applied in proof-of-reserves, please check out this Crypto.com University article.
Who is conducting the PoR for Crypto.com? Why have you selected them?
The verification was conducted by Mazars Group, a leading international audit, tax, and advisory firm employing more than 44,000 professionals in more than 90 countries.
How to verify my Crypto.com account balances were included in the PoR?
Crypto.com customers who opened an account before the PoR audit are able to independently verify that their account balances for audited tokens have been included in the PoR. For a step-by-step guide, please visit https://crypto.com/proof-of-reserves.
What account balances are included in the PoR audit? When are the balance snapshots taken?
The account balances for Crypto.com App as well as Crypto.com Exchange are included. Crypto.com customers could log in to their App or Exchange account, and check the balances included in the PoR audit. For more instructions on how to verify your balances are included in the PoR, please visit https://crypto.com/proof-of-reserves.
Which tokens are included in the verification?
Mazars Group compared the assets held in on-chain addresses proven to be controlled by Crypto.com with customer balances through an auditor-overseen live query of a production database as of December 7, 2022, 00:00:00 UTC. The results of the reserve ratio of audited assets were as follows: BTC, ETH, USDC, USDT, LINK, DOGE, SHIB, XRP, MANA.