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3232US Accounting Watchdog Issues Warning on Crypto Proof-of-Reserve Audits: Investors Urged to Exercise Caution
https://www.digit.info/us-accounting-watchdog-issues-warning-on-crypto-proof-of-reserve-audits-investors-urged-to-exercise-caution/
Thu, 09 Mar 2023 21:30:32 +0000https://www.digit.info/2023/03/09/us-accounting-watchdog-issues-warning-on-crypto-proof-of-reserve-audits-investors-urged-to-exercise-caution/Read more]]>According to a recent warning by the U.S. Public Company Accounting Oversight Board (PCAOB), crypto proof-of-reserve (POR) audits have limitations, and the board believes that investors should exercise caution when dealing with companies using POR audits. PCAOB Calls for Investor Caution and Due Diligence When Using Proof-of-Reserve Reports The U.S. accounting watchdog recently issued an […]
]]>Proof-of-Reserves Are at ‘Best Incomplete, at Worst Misleading and Deceptive’ Says Crypto Analyst Martin Hiesboeck
https://www.digit.info/proof-of-reserves-are-at-best-incomplete-at-worst-misleading-and-deceptive-says-crypto-analyst-martin-hiesboeck/
Fri, 02 Dec 2022 04:30:05 +0000https://www.digit.info/2022/12/02/proof-of-reserves-are-at-best-incomplete-at-worst-misleading-and-deceptive-says-crypto-analyst-martin-hiesboeck/Read more]]>While many crypto exchanges have seemingly embraced the use of proof-of-reserves (PoR) to showcase their transparency and reassure nervous users, crypto analyst Martin Hiesboeck insists such so-called proofs are susceptible to manipulation or misrepresentation. He added that PoRs alone are not a suitable method of verifying an exchange’s reserves because they do not “account for […]