Buongiorno,

è uscita l'altro ieri l'ultima puntata della serie "Il Cry[pt]puscolo
degli Dei"™

A onor del vero questo circo ha veramente poco a che fare con il "core
topic" di questa lista, ma credo che tutti possano concordare che le
cryptovalute non valgono nulla se non si possono... scambiare (anche
direttamente con beni o servizi, ma questa cosa non è **mai** esistita),
quindi gli exchange sono - almeno ora - conditio sine qua non per il
funzionamento (la fungibilità?) delle cryptovalute.

Executive summary: Mazars è una multinazionale che si occupa (tra
l'altro) di revisione dei conti e per diversi crypto exchange ha redatto
le "proof of reserve"; ora Mazars non è più disposta a certificare le
"proof of reserve" - e in buona sostanza i bilanci nel loro complesso -
dei crypto exchange suoi clienti; altri auditors seguiranno?!?

...anche perché Zhao (deux ex machina di Binance) dichiara con
nonchalanche «that many of those firms "don't know how" to audit crypto
changes»... ma dai?!? :-O

La bolla crypto-giuridica sta per scoppiare?!?

«Mazars suspends all work with crypto clients including Binance,
Crypto.com»

https://www.cnbc.com/2022/12/16/mazars-suspends-all-work-with-crypto-clients-including-binance-cryptocom.html
--8<---------------cut here---------------start------------->8---

Key Points

• Accounting firm Mazars Group has suspended all work with its crypto
  clients, according to its former client and the world's largest
  crypto exchange, Binance.
• The decision to cut ties with Binance, KuCoin and Crypto.com comes
  just after the global accounting firm released "proof of reserve"
  reports for several digital asset exchanges.
• A spokesperson from Binance, the world's largest cryptocurrency
  exchange, told CNBC in a statement that, "Mazars has indicated that
  they will temporarily pause their work with all of their crypto
  clients globally, which include Crypto.com, KuCoin, and Binance."

Accounting firm Mazars Group has suspended all work with its crypto
clients. The decision to cut ties with Binance, KuCoin and 
[Crypto.com] comes just after the global accounting firm released
"proof of reserve" reports for several digital asset exchanges.

The move comes as major cryptocurrency exchanges look to prove their
solvency, and show they have enough money to cover customer
withdrawals.

[...]

Mazars Group said in a statement to CNBC that it had "paused its
activity relating to the provision of Proof of Reserves Reports for
entities in the cryptocurrency sector due to concerns regarding the
way these reports are understood by the public."

The statement added Mazars' proof of reserves reports are "performed
in accordance with Reporting Standards relevant to an Agreed Upon
Procedures report."

"They do not constitute either an assurance or an audit opinion on
subject matter. Instead they report limited findings based on the
agreed procedures performed on the subject matter at a historical
point in time," the statement continued.

[...]

Mazars' South African branch published a five-page proof of reserves
for Binance on Dec. 7, but [the report is no longer available] on the
firm's website as of Friday morning. Unlike standard audits, the proof
of reserves for Binance only accounted for bitcoin. The report did not
show liabilities for Binance's lending [arm]. Binance CEO Changpeng
Zhao has often said that the company itself has no debt.

On Dec. 9,  [Crypto.com] published a  [proof of reserves]  [audited
by] Mazars, attesting that customer assets were held on a 1-to-1
basis, meaning that all deposits were 100% backed by  [Crypto.com]'s
reserves. A spokesperson for the exchange reiterated that the firm had
"successfully" completed its recent proof of reserves in collaboration
with Mazars and that the accounting company had "provided independent
verification of our secure on-chain digital assets matching our
customer balances 1:1."

[Crypto.com] added that customers can verify their balance on its
website. A spokesperson said the company will "continue to engage with
reputable audit firms in 2023 and beyond" as they "seek to increase
transparency across the entire industry."

KuCoin said its proof of reserve report was already [delivered by
Mazars] [.] "In the future, we are open to work with any leading and
reputable audit to provide the third-party verification report," a
KuCoin spokesperson said.

Meanwhile, Ernst & Young, PricewaterhouseCoopers, Deloitte and KPMG —
collectively dubbed accounting's Big Four — haven't made moves to drop
their crypto clients. [Coinbase] , [for example], is a client of
Deloitte. Tether uses Moore Cayman.

The Big Four did not immediately respond to CNBC's request for
comment.

In an [interview Thursday on CNBC's "Squawk Box,"] Zhao said Binance
is working with auditing firms, though he didn't name which ones. He
added that "interestingly, many audit firms are kind of scared to work
with crypto businesses."

"There are a few audit firms that audited FTX and they got burned
because they give the stamp of approval, and I don't know how they did
the audits. But audits don't reveal every problem," continued Zhao,
noting that many of those firms "don't know how" to audit crypto
changes.

"They don't know how to audit user assets, different blockchains," he
said.

[Crypto.com] <http://crypto.com/>

[charged with illegally using customer deposits]
<https://www.cnbc.com/2022/12/13/live-updates-ftx-collapse-house-lawmakers-hold-hearing-following-arrest-of-founder-sam-bankman-fried.html#:~:text=The%20one%2Dtime%20crypto%20billionaire,fraud%20conspiracy%20and%20money%20laundering.>

[citing a lack of reliability]
<https://www.cnbc.com/2022/02/14/trump-tax-firm-says-documents-not-reliable.html>

[the report is no longer available]
<https://veritas.mazars.com/binance/Binance_POR_Report_7_December_2022.pdf>

[arm] <https://www.binance.com/en/loan>

[proof of reserves]
<https://crypto.com/company-news/crypto-com-releases-proof-of-reserves>

[audited by]
<https://crypto.com/company-news/crypto-com-releases-proof-of-reserves>

[delivered by Mazars]
<https://assets.staticimg.com/cms/media/3F1cJQjj2OaP8P4dLEoQmxkuwDlSryAGrLJSvmmDg.pdf>

[Coinbase] </quotes/COIN/>

[for example]
<https://twitter.com/brian_armstrong/status/1595126425371414528>

[interview Thursday on CNBC's "Squawk Box,"]
<https://www.cnbc.com/2022/12/15/binance-ceo-changpeng-cz-zhao-brushes-off-2-billion-ftx-clawback-concerns-fraud.html>

--8<---------------cut here---------------end--------------->8---

Saluti, 380°

-- 
380° (Giovanni Biscuolo public alter ego)

«Noi, incompetenti come siamo,
 non abbiamo alcun titolo per suggerire alcunché»

Disinformation flourishes because many people care deeply about injustice
but very few check the facts.  Ask me about <https://stallmansupport.org>.

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