Cryptocurrency: Proof of reserves auditor halts all work for Crypto!

Cryptocurrency: Proof of reserves auditor halts all work for Crypto!

By TwoDogsCaged | TwoDogsCaged | 16 Dec 2022


To be honest, I am not sure what this means, but it does not seem good.

Is this decision just a decision to make sure they have good messaging and discussions with crypto and messaging. Or is it that they are getting ahead of the storm and trying to take the "crypto stank" off of their brand?

Right now publicly cryptocurrency is toxic in the public relations department.  This is true whether we want to accept it or not.

This post is not trying to speared FUD. The FUD is there. We have to be honest about it to right the ship and rebuild trust in cryptocurrency as a whole.

Here is the article I read: https://www.coindesk.com/business/2022/12/16/binance-proof-of-reserves-auditor-mazars-pauses-all-work-for-crypto-clients/

According to the above referenced article, Binance's Bitcoin reserves were overcollateralized. Though the company Mazars admits their reports are "do not constitute either an assurance or an audit opinion on subject matter. Instead they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time." It also found Kucoin's ETH, BTC, USDC and USDT reserves were all overcollateralized. However, for Crypto.com's reserves were backed fully one to one.  

I am not sure what all of this means, but I am looking forward to seeing where this goes. I hope this is further assessment of cryptocurrency and it's standing in the general global community.

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TwoDogsCaged
TwoDogsCaged

Cryptocurrency is a fascinating idea, one that has many confused, scared and dismissive of the concept. However, it also is intriguing and likely a large part of the future.

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