In order to clear any doubts from its users, cryptocom has released its Proof of Reserves results, audited by international accounting firm Mazars Group.
By releasing its proof of reserves, the Crypto.com team said it hopes to show that it is a good steward of crypto users’ assets and can be trusted to process all withdrawals. Kris Marszalek, CEO of Crypto.com, explained it:
“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. [...] Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies.” Given that some users won't trust the exchange’s reporting of its own assets and liabilities, Crypto.com’s proof-of-reserves page also provides a method for users to self-audit its reserves.
Mazar claims that its auditor page runs a version of the open-source Silver Sixpence Merkle Tree Generator program. This implies that if the auditor page was doctored in some way to make it produce false results, any programmer should be able to discover this by running the program in their own developer environment.
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