Proof-of-reserves: Can reserve audits avoid another FTX-like moment? By Cointelegraph

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Proof-of-reserves: Can reserve audits avoid another FTX-like moment?

Cryptocurrency Nov 19, 2022 10:20AM ET

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Proof-of-reserves: Can reserve audits avoid another FTX-like moment?

In the wake of the FTX collapse that came about as a result of the now-bankrupt cryptocurrency exchange funneling user funds to mitigate its own risks, crypto exchanges came up with a transparency solution called proof-of-reserves.

A practice, which was recently endorsed by Binance CEO Changpeng Zhao, offers a way for exchanges to show provide transparency to users in the absence of clear regulations.

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Proof-of-reserves: Can reserve audits avoid another FTX-like moment?

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