Gate presents cold storage coverage rate of 104.58%... third-party audit underway

Gate introduced a new proof-of-reserves framework, PoSEC, and reported a 104.58% cold-storage coverage ratio against user assets as of a 9 a.m. KST snapshot on the 4th. The exchange said cold storage holds 88.26% of assets versus 11.74% in hot wallets, while its reserve proof breaks down into 84.39% user assets and 15.61% platform-owned assets. The coverage figure is derived by comparing the user-asset share with the cold-storage share, and Gate said a third-party audit is underway. The disclosure matters because it tests whether an exchange could cover user liabilities if both cold and online wallets were impaired, though the two datasets use different snapshot times and do not share the same total as a denominator. Next, watch for the third-party audit results and whether Gate standardizes the snapshot timing and denominators behind its reserve disclosures.