Important highlights:
- A backpack change to make spare proofs public daily.
- The reserve ratio is 100.42%. This indicates that there is more reserves than the customer balance.
- Assets are diversified across SOL, USD, BTC and ETH, ensuring strong liquidity.
Backpack Exchange, a well-known name in the cryptocurrency field after the collapse of FTX, has announced that it will release daily evidence of the reserve, verified and built by acclaimed blockchain security company Ottersec.
This development forms a way in which exchanges develop transparency and trust among users. This move with the Backpack Exchange shows its commitment to upgrading security standards and reassuring users that their assets are safe and sound. This move shapes how cryptocurrency exchanges build trust that advances within the industry.
Backpack Exchange announces that it will release spare evidence daily
Background: The importance of proofing cryptographic reserves
Proof of Reserves (POR) is an important system that shows in exchange that you are holding customer funds safely and transparently, matching or exceeding the total user balance held on the platform. This method avoids the temptation to misuse customer deposits and provides users with the peace of mind that the coins are truly accessible and there is no risk of bankruptcy.
Over the past few years, the downfall of major exchanges has revealed mismanagement and hidden debt, highlighting the need for a robust and verifiable POR. In the case of backpack replacements, this release is not just a product feature, but a statement of values of transparency, trust and security.
Details of the latest POR snapshots
The latest POR snapshot of the backpack confirmed on August 17, 2025, depicts a clear picture of the platform’s financial health with images shared by Degen News.
- Customer Balance: $372,568,115
- Backpack Reserve Balance: $374,117,643
- Reserve ratio: 100.42%
This ratio indicates that the exchange currently holds more funds than the total amount the user is due. That means that, if necessary, the request for withdrawal can be easily met even in the presence of exceptional volatility.
Asset Breakdown
- SOL: 29.10%
- USD: 28.17%
- BTC: 23.54%
- ETH: 14.01%
- Other: 5.18%
These figures show that backpacks diversified their holdings. The exchange has the excellent retention of the Solana (SOL). This also shows its technological roots and a strong community base, but offers deep liquidity to a pair where substantial reserves of US dollars, BTC and ETH are widely traded. This snapshot provides granularity details including wallet and total balance breakdown, available assets, open orders, and in-flight balances for each major asset. This kind of transparency is rare in the industry, and speaks of careful design of backpack reserve reports.
Ottersec Factor: Third Party Verification
Ottersec is, in this case, a tool that acts as an independent validator. This tool helps users to verify their proofs and ensures that public figures match blockchain data every day, with no manipulation or accounting tricks. Ottersec’s involvement means that the backpack not only marks its own homework, but also opens the book for deep expert scrutiny.
Backstory: Learn from industry turmoil
The backpack movement comes after two years of industry turmoil. The collapse of FTX in late 2022 sent shockwaves throughout the crypto industry as billions of user funds disappeared overnight.
Though FTX claimed that strong financial practices, low transparency, mixed assets and lack of daily checks would hinder invisible issues.
In response, the crypto sector is demanding a little more reliability. It’s not enough for users these days to demand true transparency and feed their audiences only with monthly audits and quarterly statements. After FTX collapses, the community is urgently demanding real-time guarantees that deposits are safe and not misused. Amidst these expectations changing, Backpack Exchange decided to answer calls with a system built for daily checks.
Also Read: Futu Securities brings Solana Retail Trading -Hong Kong
