Jesse Powell

@jespow ↗

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Last Checked Feb. 15, 2023

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Fri Nov 25 21:02:11 +0000 2022

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Jesse Powell @jespow

@FatManTerra @hellspawncrypto @cz_binance 1. When did they verify ownership of wallets? 2. how do we know balances didn't include negative? 3. merkle tree is worthless without auditor review 4. without the auditor it's all nothing. This is like saying "we built a rocket. engine coming soon." What you have is a tube, bro. — PolitiTweet.org

Posted Nov. 25, 2022

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Jesse Powell @jespow

@KevinMurcko Thanks for the link. The merkle tree of client liabilities is useful if you have an auditor to confirm that no negative balances were included. Balances are 1/2 of the equation. We need to know that the exchange has control of the assets >= liabilities. https://t.co/y6lJag9vMM — PolitiTweet.org

@jespow That was exactly my thought earlier today https://t.co/gjwdW47SxJ

Posted Nov. 25, 2022

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Jesse Powell @jespow

@AriDavidPaul Think of the audited merkle tree of client balances as proof of MINIMUM liabilities. You will never be able to prove 100% of total MAX liabilities but you can prove what you owe to clients and control. Gox and FTX would not have been able to prove assets > client liabilities. — PolitiTweet.org

Posted Nov. 25, 2022