Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work

Post by VLM » Sat, Dec 17, 2022, 5:33 PM UTC

CamelCaseName wrote: post #14

jacquesm wrote: post #8

Earlier quoted context omitted.

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…

I mean what else are they supposed to say?

Post by jacquesm » Sat, Dec 17, 2022, 5:33 PM UTC

rchaud wrote: post #107

jacquesm wrote: post #34

Earlier quoted context omitted.

Mazars is not lower tier. They're not in the big four but they are quite large and well respected, at least they were until they - and BDO, another large accounting firm - were flagged as insufficient in terms of oversight by the UK regulators. See: https://www.bloomberg.com/news/articles/2022-07-20/mazars-bd... So they're on thin ice and they will not risk going down with this particular ship.

They are by definition lower-tier, as they don't have the resources to run an audit for a firm that purportedly maintains billions in reserves. A contract of that size wouldn't end up at a regional arm in South Africa anyway. Big 4 auditors aren't exactly cheap, but there is a reason why they audit all the major firms. Mazar's biggest customer appears to be the Trump Organization.

Post by mtremsal » Sat, Dec 17, 2022, 5:36 PM UTC

cokeandpepsi wrote: post #71

xiphias2 wrote: post #63

Earlier quoted context omitted.

Cz said to CNBC that the big four can't audit a crypto exchange. Then the reporters told him that Coinbase is audited by Deloitte. He didn't really have an answer, it's quite awkward clip.

stinks arthur anderson isn't around anymore, problems like this is what they were made for

Post by [deleted] » Sat, Dec 17, 2022, 5:36 PM UTC

ethbr0 wrote: post #100

Animats wrote: post #72

"Binance has said it holds more than $60bn in assets, enough to honour withdrawals. The company’s disclosures do not include its liabilities, which makes it difficult to ascertain its financial health." Possibilities: 1) They're insolvent. Liabilities exceed assets. (Like FTX.) 2) Their accounting is so screwed up they can't produce a balance sheet. (Like FTX). 3) They have a large number of interconnected corporate…

> 3) They have a large number of interconnected corporate entities and nobody has the big picture. (Like FTX). This isn't true, is it? FTX had The issue was more with (1) and (2).

Post by jacquesm » Sat, Dec 17, 2022, 5:37 PM UTC

mtremsal wrote: post #115

cokeandpepsi wrote: post #71

Earlier quoted context omitted.

stinks arthur anderson isn't around anymore, problems like this is what they were made for

Does Mazars have a consulting arm ready to spin off if the audit side runs into a brand-killing debacle? Edit: they do! Maybe they can rebrand as “Emphasast”, to put the emphasis on the past. :D