Tag: Audit

New Partnership Allows TrueUSD Traders to Audit The Coin’s Backing Assets

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A new partnership between stablecoin TrueUSD (TUSD) and accounting firm Armanino purportedly allows traders to conduct instant audits of the token’s backing. The news was announced by TrueUSD in a blog post on Mar. 5. The dashboard developed by Armanino purportedly enables traders to monitor TrueUSD token balances and collateralized funds. “Armanino connects directly to third-party escrow accounts holding the U.S. dollars that collateralize TrueUSD tokens, and runs their own ETH nodes to ensure accurate TUSD token supply,” the post details. Rafael Cosman, Co-founder and Head of Engineering and Product…

$100 Million Short: QuadrigaCX Audit Can’t Account for 26K Missing Bitcoin

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Ernst and Young (EY), the court-appointed monitor for QuadrigaCX, has finally provided blockchain addresses for the ailing crypto exchange’s cold, or offline, bitcoin wallets. And aside from $400,000 worth of bitcoin that was accidentally sent to the cold wallets in early February, they are empty, meaning $100 million of the cryptocurrency is still missing. EY released its third report on Quadriga late Friday, outlining the progress it has made since first being appointed monitor at the beginning of February. While certain details in the report were already public, such as EY’s…

$100 Million Short: QuadrigaCX Audit Can’t Account for 26K Missing Bitcoin

boss

Ernst and Young (EY), the court-appointed monitor for QuadrigaCX, has finally provided blockchain addresses for the ailing crypto exchange’s cold, or offline, bitcoin wallets. And aside from $400,000 worth of bitcoin that was accidentally sent to the cold wallets in early February, they are empty, meaning $100 million of the cryptocurrency is still missing. EY released its third report on Quadriga late Friday, outlining the progress it has made since first being appointed monitor at the beginning of February. While certain details in the report were already public, such as EY’s…

Ethereum Devs Delay ASIC-Resistant PoW Algorithm Decision Until Third-Party Audit

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Ethereum (ETH) core developers have delayed the decision to implement Application-Specific Integrated Circuit (ASIC)-resistant proof-of-work (PoW) algorithm ProgPoW. According to an Ethereum core developer meeting on Feb. 1, the team wants to wait until the algorithm is audited by a third party. Ethereum core developer Hudson Jameson declared during the call that “there is a group forming or multiple groups forming to perform an independent audit on ProgPoW.” He explained that the audit is an attempt to establish how effective the algorithm would be in leveling the playing field for…

Ethereum Developers Delay Mining Algorithm Change for Code Audit

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Developers contributing to the ethereum protocol are electing to hold off on a decision to submit code that would stifle the advantage of high-powered ASIC miners competing for the network’s rewards. During a public call Friday, which included Hudson Jameson, Lane Rettig, Afri Schodedon, Martin Holst Swende, Danno Ferrin and Greg Colvin, among other notable developers, a tentative decision was reached to postpone the so-called ProgPow upgrade in favor of conducting continued audits. These third-party audits will look to verify that implementing the algorithm will reduce ASIC efficiency so as…

ICO to audit data protection practices at Leave.EU and Eldon Insurance after fining both companies for unlawful marketing messages

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The Information Commissioner’s Office (ICO) has issued fines totalling £120,000 to an EU referendum campaign and an insurance company for serious breaches of electronic marketing laws and is set to review how both are complying with data protection laws. The ICO announced an audit and issued a preliminary enforcement notice as well as three notices of intent to fine Leave.EU and Eldon Insurance trading as Go Skippy Insurance, in November 2018 as part of its investigation into data analytics for political purposes. After considering the companies’ representations, the ICO has…

Gemini Claims to be World’s First SOC 2 Compliant Crypto Exchange after Deloitte Audit

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Crypto exchange Gemini has announced that it has completed its SOC 2 Type 1 examination, and plans to obtain more security credentials by the end of the year. SOC 2 reports are essentially certifications testifying to the processing integrity, security, and/or availability of a service, with a key focus on data confidentiality for end users. The exchange owned by billionaire crypto investment duo Cameron and Tyler Winklevoss is the first to have this level of security compliance on the cryptocurrency scene. In an announcement by Head of Risk, Yusuf Hussain,…

Winklevoss Bros’ Gemini Claims to be World’s First SOC 2 Compliant Crypto Exchange after Deloitte Audit

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Crypto exchange Gemini has announced that it has completed its SOC 2 Type 1 examination, and plans to obtain more security credentials by the end of the year. SOC 2 reports are essentially certifications testifying to the processing integrity, security, and/or availability of a service, with a key focus on data confidentiality for end users. The exchange owned by billionaire crypto investment duo Cameron and Tyler Winklevoss is the first to have this level of security compliance on the cryptocurrency scene. In an announcement by Head of Risk, Yusuf Hussain,…

Gemini Crypto Exchange Undergoes Security Compliance and Data Protection Audit

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Gemini crypto exchange, founded by brothers Cameron and Tyler Winklevoss, completed a SOC 2 Type 1 security compliance review, according to a post made on their Medium blog on Jan 29.   An organization that undergoes a Service Organizational Control (SOC) 2 audit aims to ensure that it has met the service criteria set by the American Institute of Certified Public Accountants (AICPA). These criteria pertain to standards of confidentiality, security, privacy, processing integrity and availability. According to the announcement, Gemini is the first in the cryptocurrency industry to undergo such an…

Circle Releases Third Audit Report of Stablecoin USDC’s Dollar Reserves

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Cryptocurrency finance company Circle has released the third audit attestation of the reserves of its fiat-backed stablecoin, USD Coin (USDC), according to an official statement Jan. 16. The third-party audit of Circle’s United States dollar reserves was issued by independent accounting firm, Grant Thornton LLP. According to the report, as of Dec. 31, 2018 at 11:59 p.m. UTC, 251,211,148 USDC tokens were issued and outstanding, while the firm holds $251,211,209 in custody accounts, a $61 surplus in USD reserves. Circle’s statement concludes: “As of the Report Date and Time, the…