Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.
Today we are publishing our 31st monthly Provable Solvency Report with step-by-step validation instructions for your convenience.
As of today, Coinfloor holds a total of 7,455.5317 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.
What does the Provable Solvency Report include?
We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.
We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 7,477.2040 XBT and included in the output script the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction in the block chain.
Key Pieces of information:
Provable Solvency Report #31 (October 26, 2016):
SHA-256 Hash of the Provable Solvency Report: d14c5370812ff2896dd83a889d93f692e7e32c770ecdac0eade2470bf752f8d3
Transaction ID: b61a346c7eaf553d645eb86388a89939345f12dc0a1219447705fb6f4aed0ada
View the transaction here:
Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).
Instructions for Validating Solvency Report:
- 1. Open the Provable Solvency Report file:
- 2. Go to
http://www.xorbin.com/tools/sha256-hash-calculator or to your SHA256sum calculating application.
- Copy the entire contents of the solvency report into the SHA-256 generator and calculate the SHA-256 hash of the report.
- 3. Go to
- At the bottom of the page, in the Output Scripts section, you will find the generated hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.
- 4. Go to
your local SHA1sum application
- to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1477489445) and your API authentication cookie.
- Example (Linux):
- timestamp: 1477489445
- API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=
- command: echo -n ‘14774894459BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum
- 5. 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:
We believe that this approach is the best way to achieve maximum accountability while 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 regular basis.
Thank you for your trust,