Toobit Confirms Over 100% Asset Backing in Latest Hacken Proof of Reserves Report

Toobit is one of the most popular international cryptocurrency exchanges, and it has just announced the publication of its most recent Proof of Reserves report, which was independently verified by Hacken.

Over 100% Collateral Ratio

The assessment conducted by Hacken confirms that the exchange is maintaining a collateral ratio of more than 100% across all in-scope digital assets. These include BTC, ETH, USDT, and USDC.

This audit confirms that there’s a safe 1:1+ backing for every trader deposit. The findings also verify that there is a reserve surplus that ensures all trader liabilities are fully over-collateralized.

Additionally, the verification process validated the individual balances of more than 640,000 accounts. This was achieved by cross-referencing loads of internal data against legal documentation, as well as against official statements from third-party institutional custodians to guarantee the highest level of accuracy.

Report Mechanics

To deliver full transparency, Hacken used a multi-stage methodology that was focused on three key stages. First, the auditors performed a Proof of Liabilities. To do so, they verified the total balances of more than 600,000 liability holders to make sure that there was an accurate representation of client deposits.

The second stage was Asset Verification. During this, auditors compared the total reserve balances against the client liability report to verify whether they covered them in full. Last but not least, the process included Operational Oversight, aiming to review information flow and custodial reporting, which ensures all data remains authentic and unaltered.

In conjunction with the audit results, Toobit has launched an upgraded Proof of Reserves page, which moves beyond static reporting to a dynamic transparency model. This hub is designed to ensure that traders are able to monitor live reserve ratios for major tokens and access historical audit data through a user-friendly and accessible interface.