According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. The collapse of the crypto exchange FTX revealed the importance of proof-of-reserves in avoiding situations involving the misappropriation of users’ funds....Continue Reading

The locals say they are having to contend with vacant apartments and the loss of job opportunities, once provided by the collapsed exchange. Following the collapse of crypto exchange FTX, which was headquartered in the island nation of Bahamas, Bahamians are reportedly still trying to find a way to make sense of everything, while remaining...Continue Reading

Asset-oriented programming makes fundamental functions native to the programming language. DeFi needs more of that to improve security. Decentralized finance (DeFi) is growing fast. Total value locked, a measure of money managed by DeFi protocols, has grown from $10 billion to a little more than $40 billion over the last two years after peaking at...Continue Reading