Phaemladen Passes Landmark Security Audit and Proof-of-Reserves Verification
The exchange this week passed a comprehensive security audit and proof-of-reserves check by independent firm CipherGuard.
In a major milestone for the industry, Phaemladen announced this week that it has successfully completed an independent security audit and proof-of-reserves verification conducted by CipherGuard, a respected cybersecurity firm based in the UK. The rigorous assessment underscores the exchange’s commitment to transparency and user asset protection.
What the Audit Covered
The audit examined Phaemladen’s core infrastructure, including wallet management, encryption protocols, and operational security. Key findings confirmed that all client funds are fully backed on a 1:1 basis, with no evidence of any vulnerabilities or misallocations.
- Cold storage integrity: 95% of assets held in audited cold wallets.
- Real-time reserve reporting: Automated verification tools now accessible to users.
- Penetration testing: Zero critical exploits found.
Industry Impact
Industry observers have praised the move as a benchmark for exchanges seeking to rebuild trust after past incidents. Phaemladen’s CEO stated, “This verification gives our users the confidence that their assets are safe and that we operate with full accountability.” The exchange plans to undergo similar audits on a quarterly basis.
With this independent stamp of approval, Phaemladen solidifies its position as a leader in exchange security and transparency, setting a new standard for the crypto market.
