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The exchange will have a wallet or collection of wallets they control. They can prove they control them by announcing they will move the coins in them at such
by LatteLazy 4y ago
The exchange will have a wallet or collection of wallets they control. They can prove they control them by announcing they will move the coins in them at such and such a time and then doing it.
I am stuck between "there must be some reason this is more difficult than it should be" and "they won't do it because they also have their hands in customer accounts."...
- vba616 4y agoI think I agree with you on the point that there is no excuse for the absence of a proper audit. However I don't think there is a shared understanding here of what an audit is. You can find audited financials of public companies on sec.gov, and see for yourself that they are not lists of "wallets" controlled by the company. It makes me think of Three-card Monte, a classic con. You see the target card, so you know it exists in a certain place at a certain moment. But the whole con is making you think you know where it will be. Which you don't, since it's a con.