Tag: Audit

PwC Switzerland Incorporates ChainSecurity Team to Expand Blockchain Audit Tools

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PricewaterhouseCoopers (PwC) Switzerland has “hired” smart contract audit firm ChainSecurity’s team, folding the company and its expertise into the Big Four accounting firm, the companies announced earlier this week. In what seems like an acquisition in all but name, the seven technical engineers are joining the accounting firm and to bolster PwC Switzerland’s smart contract audit abilities. After being spun out of the Swiss Federal Institute of Technology in Zurich (ETH Zürich) in October 2017, ChainSecurity has conducted more than 75 smart contract and blockchain audits globally and has had…

Cobinhood Announces Shutdown, Claims It Will Audit User Accounts

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Troubled crypto exchange Cobinhood has announced it is shutting down – but just temporarily, it seems. In a “shutdown notice” on its website on Friday, the firm stated: COBINHOOD Exchange is shutting down and auditing all accounts’ balances from Jan 10 to Feb 9 in 2020. It will be re-opened on Feb 10, 2020. All COBINHOOD users can then retrieve their funds accordingly. Please DO NOT make any deposits; it may result in permanent loss. The message is somewhat unclear if the platform will be reopened for trading or just…

Huobi Scores Ex-Deloitte Audit Exec as New General Manager for Turkey

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Global crypto exchange Huobi completes its executive pursuit in Turkey by appointing Alphan Gogus, a veteran in crypto and finance, as the new general manager for Huobi Turkey. A new manager for a growing market Global crypto exchange Huobi has brought on Alphan Gogus as the general manager for Huobi Turkey, according to a press release shared with Cointelegraph on Dec. 11. Alphan Gogus is a well-known figure in Turkey‘s crypto industry, which is showing rapid growth with the recent expansion of global crypto exchanges like Huobi and Binance to…

BitPay Undergoes Security and Confidentiality Certification Audit

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Major cryptocurrency payment services provider BitPay has undergone a security and confidentiality compliance review, the Service Organization Control 2 (SOC 2). Per a Sept. 30 press release, business advisory company Aprio confirmed BitPay’s compliance with the SOC 2, a tech audit and a requirement for technology companies that assures that customers’ personal data is kept secure and confidential. Passing an SOC 2 review means that the firm has met criteria set by the American Institute of Certified Public Accountants in regard to confidentiality, security, privacy, processing integrity and availability. Commenting…

A Big Four Audit Firm Lost $1 Million In Bitcoin. Victims Are Losing Patience

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The Takeaway: QuadrigaCX’s former users are running out of patience with Miller Thomson and EY, the court-appointed companies tasked with recovering their missing funds. The users want more transparency into EY’s investigation of Quadriga’s missing funds, as well as a better understanding of how the audit firm accidentally lost 103 bitcoin earlier this year. Some users are contemplating finding new legal representation due to their frustrations with Miller Thomson. Former QuadrigaCX users are losing patience with their court-appointed lawyers and looking for answers about how more than 100 bitcoins were…

AICPA Proposes New Standards That Would Apply to Blockchain-Based Audit Data

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The American Institute of Certified Public Accountants (AICPA) has proposed a new set of standards for audit evidence including accommodation for blockchain-based data, according to a report by trade publication Accounting Today on June 24. The new proposal, the so-dubbed Proposed Statement on Auditing Standards (SAS), Audit Evidence, will purportedly set guidelines on how preparers and auditors should evaluate audit evidence that is based on new tech such as blockchain and data analytics.  The new standards are apparently a source-indifferent, multidimensional set of metrics for evaluating audit data. The aim…

Funding for ProgPoW 3rd-Party Audit Approved

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Ethereum (ETH) core developer Hudson Jameson announced that a third-party audit of the Application Specific Integrated Circuit (ASIC)-resistant proof-of-work algorithm ProgPoW has been funded. The dev made the announcement during the latest bi-weekly Ethereum core developer meeting held on April 26. During the call, it was specified that the targeted funding amount of 50,000 units of decentralized, Ethereum-based USD-pegged stablecoin DAI had been reached. The funds were reportedly crowd-sourced through donations. Jameson noted that the audit is set to begin “this week or next week hopefully.” ASIC refers to mining…

Funding Approved for Audit of Ethereum’s ProgPoW Mining Proposal

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Ethereum developers announced today that funding has been approved to audit the hotly-contested code change known as Progressive Proof-of-Work or ProgPoW. Since February, developers have been gathering the funds necessary to back a third-party audit of the ProgPoW code. Today, during a weekly meeting, it was announced that the targeted amount of 50,000 DAI (equivalent to roughly $50,000) has been fully met through crowd-sourced donations on open-source bounty platform Gitcoin, as well as other unnamed sources from the community. The aim of this audit, as stated by Ethereum Foundation community…

Bithumb Announces External Audit Results in Wake of $13 Million Hack

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South Korean cryptocurrency exchange Bithumb has conducted a professional external audit of its funds after a major hack last month, the company confirmed in a statement on April 11. Bithumb, South Korea’s largest exchange, lost around 14 billion won ($13 million) two weeks ago in an event executives believe was masterminded by an insider. Now, Bithumb has used a third party to assess its reserves, repeating its previous assurances that customer funds remained safe in cold storage wallets. The 14 billion of hacked EOS (EOS) tokens, a previous statement said,…

TrueUSD Audit Shows Full US Dollar Backing

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TrustToken has published the results of an audit of its stablecoin TrueUSD (TUSD) in a blog post on April 8. The audit shows that it has the full amount of United States dollar reserves. Per the Independent Accountants’ Report prepared by certified public accounting firm Cohen & Company, as of March 31, 2019, the U.S. dollar balance held in escrow accounts was $199,063,885, while the balance of TUSD tokens issued and being in circulation was 198,982,291 TUSD. The issued and outstanding TUSD tokens as of the date purportedly do not…