Bitstamp Posts Results of Audit, No Problems to Report
The Bitstamp bitcoin exchange has reported today that third-party auditors have verified the exchange's bitcoin balance and confirmed that the exchange held 100 percent of validated bitcoin and USD funds. "No material issues were raised as a consequence of the 3rd party's investigations," the company wrote. The audit required the creation of of the largest transaction in the history of the digital currency, putting about $147 million (or over 194,000 BTC) in a single wallet. The audit comes in the wake of the downfall of exchange Mt. Gox, which lost over 700,000 BTC of user bitcoins and....
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Bitstamp, one of the largest bitcoin exchanges by volume, released the results of a financial audit on 6th March conducted in November and December of 2013. The release comes one week after Bitstamp issued a joint statement together with other prominent bitcoin businesses calling for the industry to become more transparent in the wake of escalating issues at Mt. Gox. Led by Firestartr.co, the audit required the creation of the largest single bitcoin wallet and transaction in history. In doing so, it also validated Bitstamp's internal auditing practices. It read: "The report identified that....
Bitcoin exchange Bitstamp has passed an audit overseen by BitcoinJ developer Mike Hearn. The former Google engineer confirmed in a report that a Bitstamp proof of reserves procedure was executed on 24th May. "I was asked to act as a neutral observer during this procedure to help build community confidence in Bitstamp as a large holder of coins," he said in the report. Hearn went on to stress that the procedure is not a financial audit, but confirms that, at this time, "Bitstamp holds sufficient bitcoins to cover their customer deposits, as tracked by their master database". The report....
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....
Bitstamp narrowly avoided losing an additional $1.75m in bitcoin during its recent hack, according to a blockchain analysis by an independent researcher. In the final hours of a $5.1m heist that took place at the exchange five days ago, the $1.75m in bitcoin was quickly moved to an address thought to be used for cold storage by Bitstamp, analyst Danno Ferrin has found. CoinDesk can confirm that the address in question was controlled by Bitstamp as recently as 2nd December. The firm's chief executive, Nejc Kodric, said at the time that the address was being used during an audit. While the....
The price of bitcoin on Bitstamp has increased to above the level listed on Mt. Gox. Japan-based exchange Mt. Gox is notorious for showing a much higher USD bitcoin price than its competitors, but this has changed over the past 12 hours. At around 05:30 GMT today, Bitstamp recorded a price of $717.98, compared with $714 on Mt. Gox. Mt. Gox then overtook for the next nine hours, but the Bitstamp price has been almost consistently higher since around 14:15 GMT. Bitstamp CEO Nejc Kodrič described this occurrence as "weird" and suggested it could be to do with the problems his company's site....