FTX saga: Audited Proof of Reserves is a great welcome, but here’s the risk

Binance, Crypto.com, and KuCoin have released audited Proof of reserves (PoR). The audits followed the same procedure (AUP). The AUP procedure has an inherent risk, e.g. the failure to detect fraud in Wirecard by Ernst & Young (EY). The FTX implosion has negatively impacted investors, but it has also provided the industry with some much-needed […]