KuCoin Completes 32nd Proof of Reserves Audit With 110% BTC ETH Collateralization

KuCoin, a prominent cryptocurrency exchange, has successfully completed its 32nd consecutive Proof of Reserves audit, independently verified by Hacken. This audit confirms that KuCoin maintains reserve ratios of 110% for Bitcoin (BTC) and Ethereum (ETH), 114% for Tether (USDT), and 112% for USD Coin (USDC), ensuring that the exchange holds more assets than it has in user liabilities. This achievement underscores KuCoin's commitment to transparency and financial stability, providing users with confidence in the platform's ability to meet its obligations.

The Proof of Reserves audit is a critical process that verifies the exchange's reserves and ensures that it holds sufficient assets to cover all user deposits. By maintaining over 100% collateralization for 32 consecutive months, KuCoin demonstrates its dedication to maintaining a high level of financial health and security. This ongoing commitment to transparency and reserve management sets KuCoin apart from other exchanges and reinforces its position as a reliable and trustworthy platform for cryptocurrency trading.

The audit conducted by Hacken, a leading cybersecurity firm, involved a thorough examination of KuCoin's reserves and financial records. The results of the audit confirm that KuCoin's reserve ratios for BTC, ETH, USDT, and USDC are well above the 100% threshold, providing users with an additional layer of security and assurance. This independent verification by a reputable third-party firm further enhances KuCoin's credibility and reinforces its commitment to transparency and financial stability.

KuCoin's ability to maintain over 100% collateralization for an extended period is a testament to its robust risk management practices and financial discipline. By holding more assets than it has in user liabilities, KuCoin ensures that it can meet its obligations even in the event of a market downturn or other adverse conditions. This proactive approach to risk management helps to protect users' funds and maintain the platform's financial stability.

The successful completion of the 32nd consecutive Proof of Reserves audit is a significant milestone for KuCoin and its users. It demonstrates the exchange's ongoing commitment to transparency, financial stability, and user protection. By maintaining over 100% collateralization and undergoing regular audits, KuCoin continues to set a high standard for the cryptocurrency industry and provides users with a reliable and trustworthy platform for trading digital assets.

This milestone is part of KuCoin’s $2 billion Trust Project, a long-term initiative focused on enhancing security, transparency, and self-verifiability. KuCoin users can now verify the exchange’s reserves directly on-chain through tools available on the platform’s Proof of Reserves page. BC Wong, CEO of KuCoin, emphasized the company’s commitment to trust-building, saying the audit not only validates the company’s dedication to safeguarding user assets but also reflects its broader vision of building a secure and inclusive platform for all.

Founded in 2017, KuCoin serves over 41 million users worldwide, offering a comprehensive ecosystem that includes wallets, trading, wealth management, payments, and AI-powered tools. The company has received accolades from Forbes and Hurun, reinforcing its reputation as one of the industry’s most user-focused platforms. KuCoin continues to set the benchmark through independent auditing, on-chain verification, and proactive security investments.