Propr’s proof of reserve: three public wallets, and what we found when we read them ourselves

The short answer

On 3 October 2026 at 11:15 UTC, @ProprXYZ published a proof of reserve: “Payout reserves should not be taken on trust. Ours are 3 public wallets holding $1M+ in USDC, verifiable onchain.” The card reads $1.03M across a cold reserve ($500K), the Hyperliquid margin ($489K) and a hot reserve ($41K), and the cold-storage address the founder had promised “by the end of the week” in his September review appeared the same day in the firm’s Address Directory.

We did not take the card on trust either. On 4 October 2026 at 02:43 UTC we read the three addresses with a public Ethereum RPC (block 26,116,075) and the Hyperliquid API: 499,999.00 USDC on the cold wallet, 34,573.14 USDC on the hot wallet, 491,090.82 USDC spot on the Hyperliquid wallet — 1,025,662.96 USDC of stablecoin, plus 76,715.38 of perps account value sitting under open hedges. The cold wallet was funded by four transfers on 2 and 3 October, hashes below. It holds. And because a reserve you can read before it pays is exactly what our grid’s survival criterion rewards, Propr’s score moved: survival 77 → 82, total 86.7 → 87.7, revised 4 October 2026.

What Propr published

Three posts. The first is the claim and the card above. The second explains the three buckets, verbatim: “Cold reserve holds long-term USDC on Ethereum. Hot reserve covers operational liquidity. Hyperliquid margin funds Propr's own hedges and grow when they are right. New net profit and capital raised grow the stack.” The third links the Proof of Reserve tab of the transparency dashboard, which now charts the three wallets over 30 days and lists them under “Verified Addresses”. When we loaded that tab (2026-10-04 02:40 UTC) it displayed $1.02M (+87.0% ($477K) over 30d): Hyperliquid $490K, hot $35K, cold $500K.

One directory change worth recording. On 2 October the directory called 0x0353…bB1d the “Trader Payout Sender” — the address every one of our 48 payouts came from — and listed a multi-chain wallet 0x66d3…0C22 as the hot reserve. On 4 October 0x0353…bB1d is labelled “Hot Reserve (USDC)” and 0x66d3…0C22 is no longer listed; we still read it (11,482.62 USDC across Ethereum, Arbitrum and Base) and do not count it below.

What we read on the chain

Method, so you can repeat it: balanceOf(address) on the USDC contract (0xA0b8…eB48) and on USDT via eth_call against any public Ethereum RPC, at the block printed above; spotClearinghouseState and clearinghouseState on api.hyperliquid.xyz/info for the Hyperliquid wallet. We read the chain, not the panel — the lesson of 2 October, when the firm’s own snapshot under-stated what the addresses held by close to $380K.

How the cold reserve was funded, hash by hash

The cold wallet is new: its USDC history on Etherscan is four incoming transfers and nothing else, all from 0x6Fa5B6D93e2539CaEA358518d3fe8f75418e5A1D, a contract address (209 bytes of code) that held about $74,740,258 USDC at our read and carries no public label. We do not identify it; it is consistent with a custody or exchange withdrawal address, and that is as far as the chain lets us go.

Read the timeline against the announcement: a 999 USDC transfer on 2 October at 05:20 UTC, then 99,000 + 200,000 + 200,000 between 07:51 and 08:36 UTC on 3 October, and the public post at 11:15 UTC the same day. The reserve existed on the chain before it existed on X.

What “reserve” means here, and what it does not

Three things to keep straight, because the word covers three different objects in this stack. The cold reserve is a plain Ethereum address holding USDC that nothing draws from — readable, idle, one day old. The hot reserve is the operating wallet that actually sends payouts, so its balance moves every hour (it read 79,932.35 on 2 October and 34,573.14 today). The Hyperliquid margin is the firm’s own hedging book: 491,090.82 USDC in spot plus a perps account whose value rises and falls with open positions — the thread says so itself. None of the three is a vault contract that a payout is forced to draw from, and none of the two Ethereum wallets discloses a multisig. That is the honest shape of it: a seven-figure stack of USDC you can read any minute, held the way a company holds cash, not the way a smart contract escrows it.

For comparison, Hypernova’s reserve read $442,463.90 on 4 October 2026, inside the vault its payouts draw from, and we have read it on Arbitrum every day since 8 August 2026. Smaller today, older, and structurally tied to payouts. Both are readable; they are not the same instrument, and our grid says so.

What it changes on our grid

Since 26 August 2026, every Propr page on this site carried the same hold-back: payouts run through a verified contract, but “the distributor holds ~no balance — payouts are funded per transaction, so there is still no reserve you can read before it pays.” That sentence held the survival criterion at 77. On 3 October the fact behind it expired, and on 4 October we read the replacement ourselves, so the markdown moved — survival 77 → 82, which at the criterion’s 20% weight is +1.0 on the total: 86.7 → 87.7. Propr now stands two points ahead of Hypernova (85.7) instead of one.

Why +5 and not more: the reserve is one day old, the two Ethereum wallets are externally-owned addresses with no custody disclosure, and roughly half of the stack is margin that backs open hedges (its perps value went from 191,439.13 to 76,715.38 in two days). A reserve that is still there in November is worth more than one read on its first morning; the grid will say so then. Nothing else moves: payouts stay at 88, because this is solvency, not payment, and the disclosure markdown under rules (an unannounced 20% price rise) stays. The firm did not ask for this revision. We are its affiliate, and we say so on every page.

Our own numbers on Propr, for scale

We trade this firm with our own money. Our account has 48 payouts reconciled on Ethereum, $7,670.94 in total (read 2026-09-19), every hash on the payouts page — and every one of them was sent by 0x0353…bB1d, the address the directory now calls the hot reserve. The full Propr review carries the score and the grid behind it.

FAQ

Where that leaves a trader

The one question a prop firm never used to answer — can you keep paying? — now has a reply you can check yourself in thirty seconds, with a block number. That is new in this category, and when we checked it, it held. If you open an account, the only thing that costs you is the challenge fee, and that is the line our cashback gives part of back: 5% of the fee in USDC via @PropCashbackBot, if you sign up through the link below.

Open Propr through Roya: app.propr.xyz/r/ROYA.

Affiliate disclosure: Roya Trading earns a commission when you open a Propr account through our link. Scores are computed on a public grid and never for sale; this article’s revision is logged with its reason on the scoring page. Every balance above carries its block or its UTC time.