Jesse Powell

@jespow ↗

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Last Checked Feb. 10, 2023

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Tue Nov 22 22:28:45 +0000 2022

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Jesse Powell @jespow

2/2 #ProofOfReserves audit must have: 1. sum of client liabilities (auditor must exclude negative balances) 2. user-verifiable cryptographic proof that each account was included in the sum 3. signatures proving that the custodian has control of the wallets https://t.co/QEZo0DzJfw — PolitiTweet.org

Posted Nov. 22, 2022

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Jesse Powell @jespow

1/ I said I was going to be more assertive with calling out problems. This is one of them. "Reserves" = assets minus liabilities "Reserves" != list of wallets The Proof of Reserves AUDIT requires cryptographic proof of client balances and wallet control. https://t.co/ALcfi7rLUV — PolitiTweet.org

CMC’s Proof of Reserves includes: 🔹The Total Asset 🔹Public Wallet Address Ownership 🔹Balance, Price & Value of Pub… https://t.co/0v7OX…

Posted Nov. 22, 2022

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Jesse Powell @jespow

@CryptoCato3 You don't. The audit is not intended to prove more than the custodian has control of assets >= the sum of client balances. Exchanges simply producing a list of wallets don't tell us whether: 1. they actually control the wallets 2. the sum of the wallets >= client balances — PolitiTweet.org

Posted Nov. 22, 2022