Exploiters drained some $850,000 worth of USD Coin (USDC) from Merlin on Wednesday morning, with some more relatively illiquid tokens drained. As such, blockchain data suggested that some entity with control of the liquidity pool was able to drain the funds easily – meaning this was not a complex or sophisticated exploit. Source
Several areas, Gün Sirer said, need to improve in order to get the next billion users into crypto, such as scalability, ease of use and adaptability. However, when asked about the feasibility of the secret sharing technology known as zero-knowledge proofs (ZKP) to reach that scale, he was skeptical. Source
Crypto-friendly fintech Revolut is reportedly having some issues related to its recently released annual report for the year ending December 2021. Revolut, a British-Lithuanian neobank that allows customers to buy and sell crypto, reported its first-ever full year of profit on March 1, 2023. The firm said it generated a revenue of 636 million British pounds ($769 million) in 2021, which was a significant surge from 220 million pounds ($266 million) in 2020. The financial report was reviewed by independent auditors from the global accounting network BDO, which confirmed that…
These verifications of assets take a simple snapshot and “do not address the crypto entity’s liabilities, the rights and obligations of the digital asset holders, or whether the assets have been borrowed by the crypto entity to make it appear they have sufficient collateral,” according to the PCAOB. And such documents definitely don’t prove anything about a company’s internal controls or governance, the board added. Source
The Scottish Government has committed to implementing a series of recommendations, following an audit from the Information Commissioner’s Office (ICO). This will lead to improvements in the way people’s data is handled by the Scottish Government. In 2022, the ICO carried out a consensual data protection audit of various directorates of the Scottish Government. While the ICO observed existing good practice, there are crucial areas the Scottish Government needs to improve on. Areas identified for improvement include: Carrying out a data flow mapping exercise to fully understand how data is…
Finding an auditor for the whole balance sheet is difficult given the complexities of auditing crypto assets due to challenges like price volatility. Source
Circle reassured the USDC holders and the general public that it remained committed to transparency. USDC issuer, Circle, has announced that it will be audited by Deloitte in the future instead of Grant Thornton. According to the firm, its last audit covers 2019,2020, and 2021 and has been filed publicly with the Securities and Exchange Commission (SEC). The statement formed part of the state of the USDC economy report, which it released on Tuesday. Deloitte May Be the First Since the collapse of FTX, there has been an increased call…
press release PRESS RELEASE. Dubai, UNITED ARAB EMIRATES, January 2023, Undeads Metaverse announces the completion of its smart contracts’ security audit conducted by Certik, which included a comprehensive multi-level assessment of Undeads Metaverse in-game smart contracts and product functionality. The focus of the audit was to verify that the smart contract system is secure, resilient and working according to its specifications. Certik is considered one of the top auditors in the world and is a pioneer in blockchain security, utilizing best-in-class Formal Verification and AI technology to secure and monitor…
Hedge fund manager Michael Burry, who is known for being one of the first investors to foresee and profit from the collapse of the housing market in 2007, says the recent audit on Binance’s proof of reserves carries zero weight. Following the high-profile implosion of FTX, centralized crypto exchanges have been scrambling to provide proof-of-reserves reports, which aim to confirm that a platform’s reserves match its clients’ assets. The Big Short investor tells his 1.2 million Twitter followers that crypto is a relatively new asset class and that auditors are…
The accounting firm Mazars Group has stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges and the recently published Binance POR has been removed from the web. Mazars was conducting a number of POR audits for crypto exchanges like Binance, Crypto.com, and Kucoin following the FTX collapse last month. Mazars Group Pauses Crypto Company Audits, Binance POR Scrubbed From the Web Reports detailed on Dec. 16, 2022, that the accounting firm Mazars Group has paused doing POR audits for cryptocurrency exchanges. On Friday, a Binance spokesperson told CNBC that “Mazars has…