Indodax's Proof of Reserve on Coinmarketcap shows a reserve of $1.1 billion. But is this number really trustworthy? Instead of blindly believing, it's better to verify for yourself. I cross-checked using Arkham's on-chain data and found that—there are quite a few discrepancies between the reality and the claimed figures. That's also why more and more people are using tools like Arkham to verify the actual holdings of exchanges. When it comes to transparency, data is what truly matters.