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.
The invention of the Bitcoin blockchain 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.
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.
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 blockchain.
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
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| 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
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| 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 |
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.
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 blockchain.
The provable solvency report consists of balances attached to SHA-1 hashes for each customer account.
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
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.
