CandleFocus Tron’s Justin Sun Criticizes Coinbase for Ignoring Proof of Reserves
2024-09-18
Author: Content Editor
Tron founder Justin Sun criticized Coinbase for not implementing proof-of-reserve (PoR) measures and argued that regular audits are not enough to ensure financial transparency. Sun referred to the collapse of FTX, which used user funds to cover its own losses, as an example of the risks that PoRs can prevent. He called on Coinbase to adopt PoR as a safeguard. Coinbase CEO Brian Armstrong responded by emphasizing the company's reliance on audits and its business model to attract institutional investors, dismissing the need for PoRs. Many crypto firms have recently begun disclosing PoR reports to reassure investors about their financial transparency. Other exchanges that offer Proof of Reserves include Binance, Kraken, Bitmex, and Bitfinex. The overall transparency and effectiveness of PoRs in the crypto industry remain a concern, and some argue that providing proof of reserves without showing liabilities undermines the purpose of these reports.
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