Four Years After FTX, Crypto Exchanges Still Prove Assets without Proving Solvency
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Crypto Exchanges Show What They Own — But Not What They Owe | ذا كرنسي أناليتيكس
Four years after FTX imploded, crypto exchanges still can’t — or won’t — prove they’re solvent. They’ll show you their… Read the original on Crypto Exchanges Show What They Own — But Not What They Owe. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
Four years after FTX, crypto exchanges still prove assets without proving solvency
A customer opens an exchange account, copies a string of numbers and follows a path through a Merkle tree. The page processes the request and returns a reassuring result: the customer’s balance was included in the exchange’s proof of reserves. The verification is most likely technically sound, establishing that the account appeared in a dataset and that the exchange controlled wallets that contained enough of a particular asset to cover the bala…
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