Wednesday, February 8, 2023

KuCoin to Conduct Proof-of-Reserve Verification Post FTX Fiasco

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KuCoin has joined a growing list of crypto exchanges, that are now getting their proof-of-reserves verified. Documents that demonstrate that a crypto exchange has enough assets to handle all withdrawals in case of an emergency, are called proof-of-reserves. Several crypto firms are getting their account details audited after last month, FTX crypto exchange crashed due to liquidity crunch. The debacle severely impacted the crypto sector, that lost over $200 billion (roughly Rs. 16,36,790 crore) in the following days.

The Singapore-headquartered platform has roped-in Mazars Group (MG), a third-party audit firm, to verify its proof-of-reserves. The move is aimed at regaining customer trust during this ongoing crypto winter and drumming up the business again.

“We place the safety and security of our users’ funds as our topmost priority. Working with Mazars is the next step in our efforts to increase asset visibility for our users, highlighting our commitment to transparency and strengthening industry trust,” CryptoSlate quoted KuCoin CEO Johnny Lyu as saying.

KuCoin will officially post the findings by MG on its website in a few weeks’ time.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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