How to Verify OKX Wallet Address Ownership and Balances

·

Transparency and trust are paramount in the cryptocurrency space. For users of centralized exchanges like OKX, independently verifying that the platform holds the assets it claims is a powerful way to confirm its financial health and commitment to security. This guide provides a comprehensive, step-by-step process for verifying OKX's ownership of its published wallet addresses and the balances held within them at the time of a Proof of Reserves (PoR) snapshot.

Understanding Proof of Reserves and the Verification Process

A Proof of Reserves is an independent audit that verifies a cryptocurrency exchange holds sufficient assets to cover all client balances. OKX facilitates this transparency by publishing detailed snapshots and providing open-source tools for anyone to perform their own verification.

The core of the verification process involves two main actions:

This process empowers you to trust, but verify, the solvency of the exchange.

Pre-Verification Setup

Before you begin, you need to gather the necessary files and tools.

  1. Download the Verification Tool: Obtain the latest version of OKX's open-source Proof of Reserves verification tool from its official GitHub repository.
  2. Download the Proof of Reserves File: Get the most recent Merkle Tree Proof of Reserves file directly from the OKX website. This CSV file contains the snapshot data, including addresses, balances, and cryptographic signatures.
  3. Organize Your Files: Place both the downloaded verification tool (unzipped) and the PoR CSV file in the same folder on your computer for easy access.

👉 Access the official verification resources

How Ownership Verification Works Cryptographically

OKX's snapshot data includes each address, a specific message ("I am an OKX address"), and a digital signature created using the private key corresponding to that address.

Verifying that the signature matches both the message and the address cryptographically proves that the signer possesses the private key, thus proving ownership.

Method 1: Verifying Address Ownership Using the Official Tool

The dedicated VerifyAddress tool automates the process of checking all signatures in the snapshot file.

  1. Open your system's terminal:

    • macOS: Open the "Terminal" application.
    • Windows: Open "Command Prompt" or "CMD".

  2. Navigate to the tool's directory. Use the cd command to change to the folder where you saved the tools. For example:

    cd ~/Downloads/proof-of-reserves

  3. Run the verification command. Execute the appropriate command for your operating system, ensuring the filename matches your downloaded PoR file.

    • macOS:

      ./VerifyAddress --por_csv_filename=okx_por_20221122.csv

    • Windows:

      VerifyAddress.exe --por_csv_filename=okx_por_20221122.csv
  4. Interpret the result. A successful verification will output a message similar to: Verify address signature end, all address passed. This confirms all signatures in the file are valid and OKX owns the addresses.

Note for macOS Users: If you encounter a security error, you must grant permission to run the tool. Go to System Preferences > Security & Privacy > General and click "Allow Anyway" for the tool.

Method 2: Verifying Address Ownership Using a Third-Party Tool

You can also verify ownership manually for individual addresses using third-party online verifiers.

  1. Open the OKX PoR CSV file.

  2. For the address you want to verify, copy these three pieces of data:

    • The wallet address itself.
    • The message (I am an OKX address).
    • The signature string.
  3. Navigate to a reputable online cryptographic message verifier.
  4. Paste the address, message, and signature into the respective fields on the website.
  5. Initiate the verification. A positive result will confirm the signature is valid for that address and message.

This method is useful for spot-checking individual addresses without running local software.

Verifying Wallet Address Balances

Once ownership is confirmed, the next step is to verify that the balances reported by OKX match the actual on-chain balances at the snapshot block height. This requires querying blockchain data, which can be done using your own node, a third-party RPC provider, or OKLink's API. The CheckBalance tool handles this process.

General Steps for Balance Verification

  1. Configure RPC Settings: The tool needs a way to connect to blockchain networks. This is done by editing the rpc.json file within the tool's directory. You can configure it to use:

    • Your Own Node: The most decentralized option but requires significant time and resources to sync a full node, especially an archive node for historical balance data.
    • Third-Party RPC Providers: Services like Infura or Alchemy provide reliable node access. You will often need an API key from their service.
    • OKLink API: OKX's partner, OKLink, provides a public API for querying historical balances.
  2. Run the CheckBalance Tool: Using the terminal, navigate to the tool's directory and execute commands to check either a single address or the total balance for a specific asset.

Example: Verifying a Single ETH Address Balance

After configuring your rpc.json, you can check an individual address.

The tool will output the on-chain balance at the snapshot height. Compare this value to the balance listed for that address in the PoR CSV file. If they match, the verification is successful.

Example: Verifying Total Balance for an Asset

To verify the aggregate balance of all addresses for a specific coin (e.g., the total ETH reserve):

The tool will sum the on-chain balances of all relevant addresses from the snapshot and display the total. This total should match the sum of balances for that asset in the PoR file.

👉 Explore detailed balance verification methods

Frequently Asked Questions (FAQ)

What is the purpose of verifying OKX's Proof of Reserves?

Verifying PoR ensures that OKX holds all the assets it owes its users. It's a critical practice for assessing the exchange's solvency and commitment to transparency, helping to build trust and reduce counterparty risk.

Do I need technical expertise to perform these verifications?

While the process involves using command-line tools, the provided steps are designed to be followed by non-experts. A basic comfort level with downloading software and using a terminal is helpful. The most complex part, running a personal archive node, can be bypassed by using third-party RPC services.

What if the verification fails?

If the tool returns an error or a balance mismatch, first double-check that you are using the correct snapshot file and have configured the rpc.json file accurately. Ensure your RPC provider supports historical state queries for the specific block height. If problems persist, it may indicate an issue worthy of community discussion.

Are my personal funds involved in this process?

No. This process only verifies OKX's corporate wallet addresses and their contents. You are only querying public blockchain data and do not need to connect your personal wallet or provide any private information.

How often does OKX publish new Proof of Reserves snapshots?

OKX regularly publishes updated Merkle Tree Proof of Reserves, typically on a monthly basis. You should always use the latest available snapshot file and verification tool for the most current information.

Can I verify assets on chains other than Bitcoin and Ethereum?

Yes. The OKX verification tool supports multiple networks, including Ethereum Layer 2s like Arbitrum and Optimism, as well as Tron (TRX), Polygon, and others for assets like USDT. The commands are similar; you just need to specify the correct coin_name parameter (e.g., usdt-trc20).