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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 69th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 3,778.6544 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 3,796.9854. XBT. The output of the script also includes 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 on the blockchain.

Key Pieces of information:

Provable Solvency Report #69 (December 11th, 2019):
https://s3-eu-west-1.amazonaws.com/provablesolvency/+solvency_20191211.txt

SHA-256 Hash of the Provable Solvency Report: EAA1319D7706E3F02E74635E8F0D067B53E9112FDB35E53CA28CF7457C30B10F

Transaction ID: 2129f845fb83b8ede7fbe35da5cb5fe8447f372aee4af2ec97a22dff7a615ef6

View the transaction here:
https://explorer.bitcoin.com/btc/tx/2129f845fb83b8ede7fbe35da5cb5fe8447f372aee4af2ec97a22dff7a615ef6

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:

https://s3-eu-west-1.amazonaws.com/provablesolvency/+solvency_20191211.txt

2. Go to

https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.

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.

3. Go to

https://explorer.bitcoin.com/btc/tx/2129f845fb83b8ede7fbe35da5cb5fe8447f372aee4af2ec97a22dff7a615ef6

Click on the `SHOW ADVANCED` switch to view the OP_RETURN, where you will find the hash generated in the previous step matches the hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.

Instructions for finding your account balance within the Solvency Report:

1. 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 (1576068671) and your API authentication cookie.

Example (Linux):

    timestamp: 1576068671

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=

    command: echo -n ‘15760686719BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum

(the command may differ depending on the SHA1sum application used)

2. 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:

https://www.satoshi.24ex.com

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.

Thank you for your trust,

Coinfloor Team

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CryptoTrader.Tax Review – A Detailed Look At This Crypto Tax Reporting Platform was originally found on Blokt - Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.