What are Bitcoin Audits?

Bitcoin audits help clients independently verify whether an exchange is solvent or whether they have been hacked or have misused their clients’ crypto.

Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular attestations. Without proper public accountability, the industry will not be able to grow and mature. This is why we have always committed to releasing a Bitcoin audit (also known as “Provable Solvency” or “Proof of Custody”) Report every month. Coinfloor is proud to have the longest track record in the world for creating these reports – in fact, we have produced more solvency reports than all other major cryptocurrency exchanges combined.

You can review all our solvency reports below

For more information about why Bitcoin audits and Proof of Custody is so important, see the excellent article on how to effectively scale the Bitcoin industry by Nic Carter, the respected crypto commentator.

Make Exchanges Prove their Reserves

Powered by the Bitcoin block chain

The invention of the block chain as a global decentralised ledger enables markets to produce new standards of accountability and the safeguarding of client funds. In a self-regulated environment such as Bitcoin, firms must compete for customers’ trust by providing greater transparency.

Maximum Accountability since 2014

We believe that this approach is the best way to achieve maximum accountability while retaining privacy for our clients. We welcome feedback from the community and hope that other exchanges are also able to safeguard client funds and will provide proof of solvency as well.

Report Published Every Month

Coinfloor is dedicated to accountability and has committed to publish a Provable Solvency Report every month, showing the total amount of client funds Coinfloor has on deposit and proving ownership of those funds on the block chain.

All published Provable Solvency Reports

Need help? Email us at [email protected]

Date (UTC+05:30) name of the report Amount SHA-256 Hash of the report Transaction ID
May 19, 2014 Provable Solvency Report #2 – May 2014 292.75683101 XBT 4b4fc702ca3093a9b3dc3f026e8b6d35a70ffd8e183c5bf49c18db00ac97b8e4
635dc48a0841f30ad9723839aad90fdf6d7da12a623f2a7c1607c681b311026b
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Apr 17, 2014 Coinfloor’s First Provable Solvency Report 160.29654334 XBT 156f86147d4c0e9dbfb37bed290980807939c50df3a3b6e11e160ced4ce54c47
573d096e74324683d9dc7e47af2a9df07b09bbd46c93f77bb4a4825ac685f595
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Transaction ID
635dc48a0841f30ad9723839aad90fdf6d7da12a623f2a7c1607c681b311026b
Name of the report Provable Solvency Report #2 – May 2014
Amount 292.75683101 XBT
SHA-256 Hash of the report 4b4fc702ca3093a9b3dc3f026e8b6d35a70ffd8e183c5bf49c18db00ac97b8e4
Date (UTC+05:30) May 19, 2014
Transaction ID
573d096e74324683d9dc7e47af2a9df07b09bbd46c93f77bb4a4825ac685f595
Name of the report Coinfloor’s First Provable Solvency Report
Amount 160.29654334 XBT
SHA-256 Hash of the report 156f86147d4c0e9dbfb37bed290980807939c50df3a3b6e11e160ced4ce54c47
Date (UTC+05:30) Apr 17, 2014

Instructions For Validating A Solvency Report:

  1. Open the Provable Solvency Report file by clicking on the name of the report.
  2. Go to https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.
  3. Copy the entire contents of the solvency report (including any leading or trailing spaces or blank lines) into the SHA-256 generator and calculate the SHA-256 hash of the report. You can confirm the hash generated matches with the SHA-256 hash of the report field.

  4. Go to: The Bitcoin block explorer https://live.blockcypher.com/btc/ and search for the Transaction ID of the report.
  5. You will find the hash generated in the previous step matches the hash in the “Hex” reference (at the top of the page below a heading saying “Data Embedded in Transaction with Unknown Protocol”) of the transaction published on the Bitcoin block chain.

Instructions For Finding Your Account Balance Within A Solvency Report

The provable solvency report consists of balances attached to SHA-1 hashes for each customer account.

  1. You can generate your SHA-1 hash by using your local SHA1sum application or online calculators such as https://xorbin.com/tools/sha1-hash-calculator.
  2. You will need the timestamp from the Solvency Report (10 digit number on the first row of the report) followed directly by the API authentication cookie from your Coinfloor account.

    Example :

    Timestamp: 1579519XXX

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwXXXXXXXXXX

    Input to calculate you SHA1 Hash is: 1579519XXX9BTa7M0Z/Mrk6tFMJwXXXXXXXXXX

  3. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter: http://www.satoshi.24ex.com.

We believe that this approach is the best way to achieve maximum accountability whilst retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on a regular basis.