Bitfinex Passes Stefan Thomas's Proof Of Solvency Audit
Earlier today, Stefan Thomas took to bitcointalk to announce that Bitfinex had passed their Proof of Solvency audit. The audit was conducted from Thomas's home office in San Francisco and occurred on April 5th and 6th. Bitfinex has hinted that they will be subject themselves to regular audits with different auditors each time in the continuing effort to reassure suspicious customers. In the aftermath of the Mt. Gox implosion, Bitcoiners have finally started exerting the bottom up pressure necessary to force Bitcoin exchanges to prove they aren't running a fractional reserve exchange. This....
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OKCoin has passed a Proof of Solvency/Proof of Reserves audit conducted by Stefan Thomas. The audit was announced on Weibo yesterday. Fellow Chinese Bitcoin exchanges, Huobi and BTC China, are also expected to release similar announcements soon. Stefan Thomas previously conducted the same Proof of Solvency/Proof of Reserve audits for Bitfinex and Kraken. Similarly, Bitstamp was able to pass an independent test and prove their solvency to BitcoinJ developer Mike Hearn. OKCoin, along with many other industry-leading Bitcoin exchanges around the world, all now believe that providing Proof of....
Bitcoin exchange Kraken has passed a cryptographically verifiable proof of reserves audit with flying colours. The audit, which was carried out by Stefan Thomas on 11th and 22nd of March, proved that more than 100% of Kraken's bitcoins are held in reserve. The process was designed to allow the auditor to verify that the total amount of bitcoins held by Kraken matches the amount required to cover an anonymized set of customer balances. Covering all balances. Thomas said the audit was very strict, but at the same time it maintained "absolute privacy" for customers. He also added that Kraken....
Bitstamp proves Bitcoin solvency. On Saturday, 5/24/14, Bitcoin exchange Bitstamp proved their Bitcoin reserves to BitcoinJ developer Mike Hearn. Mike Hearn is a former Google engineer that has been with the Bitcoin community for many years and has a strong reputation. Bitstamp announced their Proof of Reserves via a report released yesterday. Unfortunately, Proof of Bitcoin Solvency is a far cry from a full financial audit, a point that Bitstamp is quick to acknowledge. Bitstamp is leading the charge for Bitcoin exchange transparency and has committed to more Proof of Solvency tests and a....
Chinese exchange OKCoin today released details of an audit to prove it holds 104.86% of the bitcoin reserves required to cover customer balances. Going forward, the company will also seek to implement a cryptographic 'merkle tree' verification system, allowing users to verify for themselves that their account balance was included in the audit data. Other China-based exchanges are busy working on audits of their own, following recent demand from the local community for the companies to be more transparent in their accounting. BTC China announced on 19th August that it would allow an....
The company is experienced in different types of audits, including those related to cryptocurrency. It is due time Bitfinex starts to take action regarding their ongoing issues. A lot of people claim the exchange is insolvent. However, the company states that is not the case. To prove their point, they are now hiring a third party to conduct a financial audit. An intriguing turn of events that should hopefully put rumors to rest. A Major Audit Of Bitfinex’s Balance Sheet. There have been a lot of questions regarding Bitfinex’s solvency over the past few months. The company redeemed all....