Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
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Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#2Archive: https://archive.vn/DGfCg
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#3Mazars is likely wondering if they are going to be the next Arthur Andersen before this is all over. Good luck finding another firm when one of the top firms in the world drops you like a hot potato.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#4>Both KuCoin and Crypto.com said they had provided customers with the ability to verify their own holdings individually online.
How does this even work?
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#5FTX was also audited by a top firm, Armanino!Changed nothing...
In the article says: Following the collapse of FTX, Paul MacIntosh, EY’s US financial services crypto co-leader, said on LinkedIn that proof of reserves reports do not assess companies’ internal controls, “which ultimately was the downfall of FTX”.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#6> “We are financially OK,” said Zhao
Where have we heard this before? Oh yeah:
FTX is fine. Assets are fine.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#7>Both KuCoin and Crypto.com said they had provided customers with the ability to verify their own holdings individually online. How does this even work?
Good question! I can’t even guesstimate.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#8> “We are financially OK,” said Zhao Where have we heard this before? Oh yeah: FTX is fine. Assets are fine.
Interesting how the players change but the script is exactly the same and yet, people keep falling for it. I really don't get it.
I once knew some people that were up to their necks in an MLM/pyramid scheme, it was like a cult, no matter how many examples you gave them of people ending up losing their shirts they would buy more of the crap and stuff it in every nook and cranny of their house being sure that they were the ones to cash out this time. Only they weren't.
If you have any money at all at one of those crypto companies get it out now, don't wait to see if this time it will be different because it won't be.
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#9>Both KuCoin and Crypto.com said they had provided customers with the ability to verify their own holdings individually online. How does this even work?
Smoke and mirrors :)
Re: Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work
#10What a misleading title
> However, the accounting firm said on Friday that it had “paused its activity relating to the provision of proof of reserves reports for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public”. According to communications seen by the Financial Times, the level of media focus on the matter was also a factor in Mazars’ decision ... Mazars’ decision to halt work on proof of reserves reports was not driven by specific financial problems at any of the companies, said a person briefed on its decision. The firm’s work was so limited that it had “not looked that much” into the financial position of the companies ... Some people at Mazars feared that despite caveats in its reports the firm was “lending credibility to a very volatile sector” and felt it had been “naive” and “silly” to take on the work, the person added.
Nothing indicating that audit did not go well, but that because of its limited scope, the auditor wants to avoid bad PR.
Binance being an exchange, they make money whether cash goes in or out. so outflows are in a way good business?