Phaemladen Completes Independent Proof-of-Reserves Audit, Bolstering Transparency
Phaemladen passes a rigorous proof-of-reserves verification by CypherAudit, ensuring 100% client assets are backed.
This week, Phaemladen announced the successful completion of an independent proof-of-reserves audit conducted by CypherAudit, a leading blockchain assurance firm. The audit confirmed that the exchange holds a full 1:1 reserve backing for all client assets, reinforcing its commitment to transparency and security in the crypto markets.
Rigorous Verification Process
Over the past month, CypherAudit examined Phaemladen’s on-chain wallet holdings and off-chain liabilities, performing a comprehensive reconciliation. The firm's methodology included:
- Snapshot analysis of 25 major asset wallets across Bitcoin, Ethereum, and stablecoins.
- Cross-referencing exchange liabilities with real-time on-chain data.
- Validation of custodial key control and multi-signature configurations.
The final report, published on CypherAudit’s website, states that Phaemladen maintained a reserve ratio exceeding 100% throughout the audit period.
Industry-Leading Standards
“We are thrilled to set a new benchmark for exchange transparency,” said a Phaemladen spokesperson. “This audit not only proves our solvency but also empowers our users to trade with confidence.” Other exchanges have faced scrutiny over opaque reserve practices, making Phaemladen’s proactive move a standout in the industry.
The exchange intends to make proof-of-reserves a quarterly practice, with future audits open to public verification. This milestone cements Phaemladen’s reputation as a trusted platform in the competitive exchange landscape.
