If you have been active in bitcoin for any length of time, then you have likely either lost money in an exchange failure or you know someone who has. The pervasiveness of meltdowns among bitcoin startups has created considerable demand from stakeholders for outside assurance that funds entrusted to them are safe and sound. In…
As an accountant in public practice and a digital currency advocate, I frequently receive inquiries from potential clients and others about digital currency audits. The high level of theft and fraud suffered by consumers in the bitcoin community and the novelty of the technology behind many of the companies that serve them have created a…
OKCoin announced last week that the China based bitcoin exchange has reserves on hand exceeding 100% of customer funds entrusted to it. The analysis, conducted by Ripple CTO Stefan Thomas, followed similar procedures completed at Kraken, Bitfinex and others that were intended to build customer trust in the assertion that funds would not be lost…
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