Friedman LLP Audit Will Prove If Bitfinex Is Solvent Or Not
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....
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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....
Bitcoin and its crypto-cash counterparts are essentially trustless monetary systems that upend the banking establishment's ideals of how a financial system should operate. Intriguingly, the concept of digital money was predicted as far back as the late '90s. Milton Friedman was one of the most renowned economists of the 20th century and his ideas radically changed the way that policymakers made their decisions. Friedman foresaw that bitcoin, or something like it, could have great advantages and would inevitably be developed - much to the animosity of incumbent institutions in the financial....
Bitcoin exchanges have further to go to prove their good standing to customers, say the experts that inspected them - but solutions are just around the corner. Last week, CoinDesk explored bitcoin exchange Kraken, and showed you how the company did its best to prove it possessed the bitcoins it claimed. Bitcoin luminary Stefan Thomas used cryptographic proofs to confirm that the US exchange wouldn't be caught short if there was a run on its bitcoins, and that it wouldn't suddenly be embarrassed, Mt. Gox-style, to find that a hacker had secretly been stealing its coins. Kraken passed the....
After conducting the audit, Ripple CTO Stephan Thomas concluded Kraken has enough Bitcoins in reserve to cover all balances. Bitcoin exchange Kraken has announced it has passed an audit that proves that more than 100% of Kraken's Bitcoins are held in reserve. The whole process shows that Kraken owns the amount of Bitcoins required to cover an anonymized set of customer balances. Improve overall confidence. The audit was conducted by Stephan Thomas, CTO of Ripple Labs. Thomas made a post about him performing the audit voluntarily on March 11th and March 22nd at Kraken's offices in San....
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....