Global audit firm Mazars has deleted the website that hosted proofs-of-reserves work for cryptocurrency exchanges. The company told Bloomberg that it is suspending its work with crypto companies on proofs-of-reserves reports going forward.
Mazars appeared a few times in crypto news over the past few weeks because it started issuing those reports for cryptocurrency exchanges. The idea is that exchanges could reassure their users after the FTX downfall. Mazars also used Merkle trees so that users could check that their crypto assets are included in the report by entering a hash.
Clients of the audit firm include Crypto.com and Kucoin. But the most prominent client was Binance. Mazars certified last week that Binance held enough bitcoins and wrapped bitcoins to cover all users’ balances on the exchange as of November 22 at 23:59 UTC.
But when Binance and Mazars announced the proof-of-reserves report for the exchange’s bitcoin …
