US SEC Warns Crypto Investors Against Blindly Trusting ‘Proof-of-Reserve’ Audits

US SEC Warns Crypto Investors Against Blindly Trusting ‘Proof-of-Reserve’ Audits

Following the collapse of the FTX crypto exchange due to a liquidity crunch, several global crypto firms have conducted the audits of their respective proofs-of-reserves. The aim is to ensure their users that, under any emergency, the exchanges will be able to handle all withdrawals without going bankrupt. Officials from…