Blog

Jun 18, 2014

Provable Solvency Report #3 - June 2014

We are committed to continuing to prove our solvency and prove that we are in possession of 100% of our client funds. As per that commitment, we are publishing our 3rd monthly Provable Solvency Report.

As of this morning, Coinfloor holds a total o846.579 XBT on behalf of our clients. You can verify that your held bitcoin are included in this balance.

We started out by creating a report of all client balances (the Solvency Report) and then generated a SHA-256 hash of this report. The hash can be verified by copying the solvency report into the SHA-256 generator: http://hash.online-convert.com/sha256-generator.

We then created a bitcoin transaction to ourselves for a value of 846.579 XBT  and included in the output script the OP_RETURN of the hash, proving that at the time of making the solvency report, Coinfloor held all of our client’s funds. You can verify the amount and details of the transaction in the blockchain.

Key Pieces of information

SHA-256 Hash of the Provable Solvency Report: 3a093308c48daa40e0201d290f76a762fab416c86e6052a58bb139cdef74e2ce

Transaction ID: fc5d279f675bd697483cab7b02ca34bc89fc1ba6b190ba4e23f14a31a2e2dcac

View the transaction here: https://blockchain.info/tx/fc5d279f675bd697483cab7b02ca34bc89fc1ba6b190ba4e23f14a31a2e2dcac

Provable Solvency Report #3 (June 18, 2014):

https://s3-eu-west-1.amazonaws.com/provablesolvency/20140618_provable_solvency.txt

Instructions for Validating Solvency Report

  1. Compute the SHA-1 digest of a message consisting of your API authentication cookie appended to the timestamp shown at the top of the report. Example (Linux):  
    echo -n '14030920809BTa7M0Z/Mrk6tFMJwEkTV3BQek=' | sha1sum
  2. Find the resulting digest in the solvency report. Your balance is shown on that line.

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 in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users.