Not to mention, the risks tied to the coins itself. FTX was also fully backed, on paper. The problem was just that their reserves were in their own fantasy mone

Not to mention, the risks tied to the coins itself. FTX was also fully backed, on paper. The problem was just that their reserves were in their own fantasy money, which lost all of its value the moment FTX got into trouble. (And how the real dollars that people had deposited somehow turned into fantasy money is the magic trick that brought SBF free lodging in the Bahamian jail) So an audit wouldn't just have to prove the assets are there on some chain, it would also have to verify the chain itself is actually suitable as a reserve.