KuCoin to Conduct Proof-of-Reserve Verification, Ropes-In Audit Firm Mazars Group

 


“We place the safety and security of our users’ funds as our topmost priority,” KuCoin CEO has said.


KuCoin has added its name to a growing list of cryptocurrency exchanges whose proof-of-reserves are now being confirmed. Proof-of-reserves are documents that show a crypto exchange has sufficient assets to handle all withdrawals in the event of an emergency. After the FTX cryptocurrency exchange fell owing to a lack of liquidity last month, several crypto businesses are having their account information reviewed. The fiasco had a significant negative influence on the cryptocurrency market, which in the days that followed lost almost $200 billion (approximately Rs. 16,36,790 crore).

The platform with its headquarters in Singapore has hired Mazars Group (MG), a third-party audit company, to confirm its proof of reserves. The action aims to earn back client trust amid the current crypto winter and rekindle business.


"Our first concern is ensuring the safety and security of the money belonging to our users. KuCoin CEO Johnny Lyu was reported by CryptoSlate as saying, "Working with Mazars is the next stage in our efforts to expand asset visibility for our users, showcasing our dedication to transparency and improving industry confidence.

In a few weeks, KuCoin will formally publish the MG findings on its website.


In the final week of November, the Binance cryptocurrency exchange transferred BTC 127,000 worth over $2 billion (about Rs. 16,324 crore) into a wallet under its control. Changpeng Zhao, the CEO of Binance at the time, had stated that the business was having an audit done on their proof of reserves.

Giottus and CoinDCX cryptocurrency exchanges from India also had their account reserves verified.


The co-founder of Ethereum, Vitalik Buterin, has given advice to the crypto community on how to get through difficult times by concentrating on technology and temporarily removing themselves from investment circles.

In the meantime, a number of cryptocurrency businesses have announced layoffs in an effort to keep their separate operations functioning smoothly in the face of the market slump.


The global cryptocurrency industry is currently valued at $864 billion (approximately Rs. 70,25,994 crore), down from its $3 trillion (about Rs. 2,44,97,715 crore) estimate from the previous year as a result of numerous hacking incidences and the failure of promising crypto projects like Terra and FTX.

Comments

Post a Comment

Popular posts from this blog

The Sant Goroba Kumbhar Samadhi Temple: A Sacred Shrine of Devotion in Maharashtra

Nestled in the serene village of Ter-Dhoki, near Dharashiv-Osmanabad in Marathwada, Maharashtra, stands the revered Sant Goroba Kumbhar Samadhi Temple. This temple is a testament to the deep devotion and spiritual prowess of Sant Goroba Kumbhar, a revered saint of the Varkari sect who lived during the 13th century. Sant Goroba Kumbhar, affectionately known as Gorobakaka, was a contemporary of revered saints like Namdev and Dnyaneshwar, and his unwavering faith and profound love for Vitthala (Panduranga), a deity worshipped in the form of Lord Krishna, continues to inspire devotees to this day. Born in the year 1189 (1267 AD) according to experts, Sant Goroba Kumbhar was known for his ascetic lifestyle and detachment from worldly affairs. His teachings were highly regarded in the spiritual realm, and he was known to constantly chant the name of Shri Vitthala, with unwavering devotion to the deity. One story that showcases Sant Goroba Kumbhar's deep immersion in devotion is that of h...
Read more

Why crypto asset management makes sense for novice investors

Image
Investing directly in cryptocurrencies can be challenging for most conventional investors because of their complexity, liquidity challenges, and volatility risk. The market for cryptocurrencies is quite unstable. Bitcoin's recent price volatility has seen it fall from grace and then almost immediately rise again. This volatility is a result of market manipulation, business failures, and hacking of investor accounts. However, it's also the very thing that attracts investors hoping for large profits to cryptocurrency. For the majority of traditional investors, investing directly in cryptocurrencies can be difficult because to its complexity, liquidity issues, and volatility risk. A crypto asset management company called Heru Finance specifically seeks to address this. 123Movies is a video streaming website where viewers can watch TV shows and Bollywood or Hollywood films. People can see the most recent films that have been released in HD quality on this website. Nobody else’s st...
Read more

Baywatch: A Lighthearted Take on the Classic TV Series

Baywatch , the iconic TV series that ran from 1989 to 2001, was known for its beautiful beaches, sun-kissed bodies, and thrilling action sequences. The 2017 film adaptation, starring Dwayne Johnson, Zac Efron, and Alexandra Daddario, captures the spirit of the original show while adding a fresh and modern twist. While not without its flaws, Baywatch offers audiences a lighthearted and entertaining romp through the sand and surf of Southern California . The film follows a group of lifeguards who patrol the beaches of Emerald Bay, a picturesque coastal town that is home to the most elite lifeguard team in the world. Dwayne Johnson plays Mitch Buchannon , the no-nonsense leader of the team, who takes newcomer Matt Brody (played by Zac Efron) under his wing. Along with fellow lifeguards Summer (Alexandra Daddario) and CJ (Kelly Rohrbach), they must investigate a criminal plot that threatens the safety of their beach and the people who visit it. Baywatch is a film that doesn't take its...
Read more