Genesis Global Capital, Luno's lending partner for Savings Wallet yield, has halted withdrawals

[etwylite]

So proof of reserves has no value according to Burry and Mazars have given up auditing all crypto clients. Might want to take a closer look at those luno/mazar reports.

'Big Short' investor Michael Burry says crypto reserve reviews like Binance's are 'essentially meaningless'

The legendary investor commented on news that the accountant that produced Binance's proof-of-reserves report would halt all work for crypto firms.

markets.businessinsider.com

 

[Fulcrum29]

So proof of reserves has no value according to Burry and Mazars have given up auditing all crypto clients. Might want to take a closer look at those luno/mazar reports.

'Big Short' investor Michael Burry says crypto reserve reviews like Binance's are 'essentially meaningless'

The legendary investor commented on news that the accountant that produced Binance's proof-of-reserves report would halt all work for crypto firms.

markets.businessinsider.com

He is not wrong, PoRs are meaningless. Nobody knows in what state these private companies are. Funny though, it is all the news in crypto, but it is applicable to all other industries, neither does rug pulls only happen in crypto, we used to call them "fly by night". People have a right to be sceptic.

 

[quovadis]

He is not wrong, PoRs are meaningless. Nobody knows in what state these private companies are. Funny though, it is all the news in crypto, but it is applicable to all other industries, neither does rug pulls only happen in crypto, we used to call them "fly by night". People have a right to be sceptic.

The problem is when auditing companies are roped in to provide peace of mind and they gladly do so but fail to appreciate their association is what's sold to the unsuspecting and not the qualified and very limited opinion they provide.