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Chainlink ‘Proof of Reserve’ Proves Little Beyond Data Going In, Coming Out
5.7.2023
Projects like TrueUSD and Paxos are turning to Chainlink to give users transparency into their reserves, but their numbers remain difficult to verify
TrueUSD’s Reserves Were Attested by Former FTX.US Accounting Team
28.6.2023
Armanino’s digital asset team rebranded itself to The Network Firm, as CoinDesk reported, to continue performing audits and attestations after the collapse of FTX
Report: Well Known Crypto Firms Still Not Adhering to Basic Governance Standards
18.5.2023
Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry...
Quadriga CX Customers to Finally Receive Payout: Creditors to Get 13% per Dollar
13.5.2023
EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28...
7,800 jobs at IBM could be replaced by AI within years, suggests CEO
2.5.2023
Arvind Krishna, the chief executive of IBM, said roughly 30% of their non-customer-facing positions could be covered by artificial intelligence over a five-year period
New 1099-DA Reporting Creates More Headaches for Taxpayers
13.4.2023
You might think that new tax reporting rules for exchanges should mean less work for the taxpayer, but it’s the opposite, says CPA Kirk Phillips
FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange
13.4.2023
FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s...
March Bitcoin Mining Stats Show Climbing Revenue and Hashrate Highs
1.4.2023
According to statistics, 4,498 blocks have been mined in the last 30 days, creating 28,112 new bitcoins over the past month. Bitcoin’s network hashrate has been around 341 exahash per second (EH/s) during the last 2,016 blocks or the last two weeks. This month, the mining pools Foundry...
U.S. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts
24.3.2023
U.S. accounting standards may be overhauled to specifically factor in crypto accounting, establishing a fair-value approach that would demand certain digital assets be measured at what they’d go for in the markets, according to a change proposed this week by the Financial Accounting Standards Board...
U.S. Senate’s Warren Calls for Crackdown on ‘Sham’ Crypto Audits
21.3.2023
Sen. Elizabeth Warren (D-Mass.) and another prominent colleague urged the U.S. auditing watchdog to take action against “sham audits” of crypto companies, citing the contribution of such audits to the recent stresses in the U.S. banking system
FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders
18.3.2023
According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion...
Accounting Platform Cryptio Partners With Protocol Labs to Help Filecoin Miners Go Public
14.3.2023
Filecoin miners will be able to generate accounting reports needed to pass their public company accounting oversight board (PCAOB) financial audits
US Accounting Watchdog Issues Warning on Crypto Proof-of-Reserve Audits: Investors Urged to Exercise Caution
9.3.2023
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...
US accounting watchdog warns investors about proof-of-reserve reports
9.3.2023
The warning was issued after crypto exchanges jumped into the trend of providing PoR reports to assure users after the FTX debacle
Crypto Sector’s Reserve Reports Can’t Be Trusted, Says U.S. Audit Watchdog
9.3.2023
Proof-of-reserve reports routinely touted by crypto firms to assure customers that their financial transactions are in secure hands shouldn’t be trusted, according to the U.S. organization that oversees auditing standards
Lawyers picnic: FTX counsel and advisors rake in $34M in January
8.3.2023
Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case
Ride With BitKeep and Seize the Opportunity as Arbitrum Argonaut Makes Waves
3.3.2023
PRESS RELEASE. How to participate in the Arbitrum ecosystem as Layer 2 continues gaining traction? The Ethereum’s Layer 2 (L2) players have been performing exceptionally well to date, with impressive TVLs in the ecosystems of Arbitrum, Polygon, and Optimism as the market rebounds. Among...
U.S. lawmakers argue SEC accounting policy places crypto customers at risk
3.3.2023
While the bulletin was intended to provide clarity regarding the accounting treatment for digital assets, it has been criticized by both lawmakers and regulators
U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody
3.3.2023
Rep. Patrick McHenry, chairman of the House Financial Services Committee, and Sen. Cynthia Lummis teamed up on a letter questioning regulators about crypto accounting policy
Lido’s Liquid Staking Protocol Dominates with $9.3B in Locked Ethereum, Boosted by Tron Founder’s Deposits
2.3.2023
During the past 30 days, the total value locked (TVL) in Lido Finance’s liquid staking protocol increased by 10.57%, with 7.56% of the increase occurring within the last seven days. The protocol’s dominance in decentralized finance (defi) has also increased, with its TVL accounting...