Bitcoin advocate Nic Carter has released an in-depth analysis of centralized exchange proof-of-reserves and ranked the attestations provided by some of the most prominent crypto trading platforms in the space.
Carter published a detailed examination of the quality of several exchanges’ proof-of-reserves (PoR).
On the asset front, the exchange listed all BTC balances held by the exchange and proof that they are spendable by the BitMEX multi-sig.
This means that there are no issues with excluded or negative balances since anyone can vet the liability set in full," Carter wrote.
The crypto analyst believes that despite Binance CEO Changpeng Zhao (CZ) highlighting the importance of PoRs after the FTX collapse, the executive “hasn’t yet risen to his own challenge.”
This makes it difficult for a third party to verify the procedure according to the analyst.
Source: Cointelegraph