Jesse Powell

@jespow ↗

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Last Checked Feb. 10, 2023

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Tue Nov 22 22:36:47 +0000 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

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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

@TheMarginMan @krakenfx So far, it's not even proof of control of those whale wallets. It's just "here's a list of wallets". For all we know, they keys were lost or the wallets belong to someone else. — PolitiTweet.org

Posted Nov. 22, 2022 Just a Typo