Proof of Reserves Using zk-STARKs and Wallet Verification

Summary

The document describes a cryptocurrency exchange’s proof-of-reserves program, reporting customer asset backing at or above a one-to-one ratio for 22 commonly traded assets. It says the monthly report is independently verified by Hacken and uses zk-STARK proofs, signature validation, public wallet addresses, and cryptographic evidence of reserve ownership. The stated purpose is to let users check reserves mathematically rather than rely only on the exchange’s assurances.

It also reports changes to the program, including a reduction in proof file size from 2.55 GB to 598 KB and an expansion of verifiable assets. These are claims about the exchange’s process, not a full explanation of the proof construction or an independent assessment of its controls. Proof of reserves can help verify assets at a point in time, but the text does not describe how customer liabilities are measured, whether all liabilities are included, or how encumbrances and off-platform obligations are handled. The report therefore offers useful context on reserve verification while leaving key details needed to assess solvency unaddressed.

Key ideas

• The exchange reports reserve ratios of at least one to one for 22 assets.
• The described verification combines zk-STARK proofs, signatures, and public wallet data.
• An external security firm is named as verifier of the reserve report.
• The program reports reducing proof file size while expanding the covered assets.
• The document does not explain liability measurement or whether all obligations are included.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.