NEXO releases proof of reserves showing no exposure to FTX
According to the Nov. 28 tweets, most exchanges were submitting proof of reserves but failing to prove whether their assets exceeded the liabilities. Nexo praised its risk engine as the sole reason for no bad debts. Nexo’s audit of custodial assets revealed $3.4 billion in customer liabilities and a 100% collateralized ratio for adequately backing the assets. In the thread, the firm insisted on the importance of Proof of Reserves but called for more transparency in the space, citing the need for credible attestation from external accounting firms. Through the help of the PCAOB auditors board in 2021.
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