CandleFocus Justin Sun reveals Poloniex issues prevent proof of reserves
2024-09-18
Author: Content Editor
Justin Sun, the founder of Tron and owner of Poloniex cryptocurrency exchange, has claimed on social media that all exchanges in the industry have implemented proof of reserves (PoR), except those that are unable to meet the requirements. However, this statement is contradicted by the fact that Poloniex itself has not implemented PoR. Poloniex's "Proof of Reserves" page only shows the amount of Tron on the exchange, neglecting all other assets. This is noteworthy because Sun has criticized Coinbase's wrapped-Bitcoin product, cbBTC, for its lack of disclosure regarding the storage of bitcoins. Poloniex, on the other hand, offers a Bitcoin on Tron product with a larger market cap but also does not disclose where the bitcoins are held. Furthermore, the Poloniex product represents over half of all bitcoin at Sun-advised HTX. Despite previous commitments to provide a PoR audit, Poloniex has not done so, and Sun now argues that auditors cannot guarantee that the funds are still on-chain.
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