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 68th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 3,961.8415 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 3,977.5354. 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 #68 (November 14th, 2019):
https://s3-eu-west-1.amazonaws.com/provablesolvency/+solvency_20191114.txt

SHA-256 Hash of the Provable Solvency Report: 766332ADFED1E39AC1FE2A2FB4196D7221C46385635F1E95AE41E353359F3462

Transaction ID: 35c90fa16acd63500f3a6c06ced2547d2f020450fa5fa2e87e3a9bee5773835c

View the transaction here:
https://explorer.bitcoin.com/btc/tx/35c90fa16acd63500f3a6c06ced2547d2f020450fa5fa2e87e3a9bee5773835c

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_20191114.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/35c90fa16acd63500f3a6c06ced2547d2f020450fa5fa2e87e3a9bee5773835c

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 (1573730240) and your API authentication cookie.

Example (Linux):

    timestamp: 1573730240

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

    command: echo -n ‘15737302409BTa7M0Z/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:

http://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

Moving into the fourth quarter of 2019, it’s a great time to reflect on the current cybersecurity landscape and the major events and trends which have happened this year. Almost everybody understands what cybersecurity means in the most basic sense, as the majority at least have some experience with anti-virus software. But as we increasingly […]

Top 15 Cybersecurity Trends for 2019 was originally found on Blokt - Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.