These verifications of belongings take a easy snapshot and “don’t handle the crypto entity’s liabilities, the rights and obligations of the digital asset holders, or whether or not the belongings have been borrowed by the crypto entity to make it seem they’ve enough collateral,” in response to the PCAOB. And such paperwork undoubtedly don’t show something about an organization’s inner controls or governance, the board added.
Crypto Sector’s Reserve Stories Can’t Be Trusted, Says U.S. Audit Watchdog
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