Crypto com Troubles And Proof Of Assets

https://decrypt.co/114310/crypto-com-accidentally-sent-400m-in-ethereum-to-wrong-address-ceo-calls-concerns-fud

https://www.coindesk.com/business/2022/11/10/binance-releases-wallet-addresses-of-69b-crypto-reserve/

Crypto.com is under fire as of late. The platform recently sent by mistake $400 million to a competitors address. The funds were returned but were sent to gate.io right before a proof of assets audit was released to their clients. Make of that what you will but it sparked some serious concerns from its customers. As well as the $400 million mistake it turns out Crypto.com is holding 20% of its holdings in SHIB. SHIBA INU was created as a meme coin and concerns a lot of people why Crypto.com has such a large holding of it in their portfolio.
Binance, Huobi and Kucoin along with others have started a movement amonsgt crypto exchanges. The conecpt is called proof of assets. The holdings of crypto exchanges will go through third party audits, allowing for transparency for its customers. These audits will show what exactly these crypto exchanges have in reserves. This should be a good model going forward for all in the space.
#crypto #binance #huobi #kucoin