Reservations about Proof of Reserves

US accounting watchdog warns investors about proof-of-reserve reports

The PCAOB (Public Company Accounting Oversight Board), which is backed by the U.S. Securities and Exchange Commission (SEC), pointed out that investors should not "place undue reliance" on PoR reports which are not within the board's oversight authority. The advisory wrote:

Laughable argument. That's like all the "fact chuckers" claiming that nothing should be trusted as true until verified by their propagandists.

What is true is that they are not full audits, as that would also require full assets and liabilities, some of which may well be off-chain.

Also worth reading: Nic Carter dives into proof-of-reserves, ranks exchange attestations; and The Status of Proof of Reserve as of Year End 2022.