'Ignorance or intentional misinterpretation,' asks Kraken CEO Jesse Powell about Binance's proof-of-reserves.
Powell called out CoinMarketCap in the past for sharing an incomplete proof-of-reserves as it lacked “cryptographic proof of client balances and wallet control.” He reiterated that reserves are not the list of wallets but assets minus liabilities.
Binance’s recently released proof-of-reserves system allows users to verify their assets using a Merkle tree. However, Powell shared his displeasure as the system failed to include accounts with negative balances, stating that: “The whole point of this is to understand whether an exchange has more crypto in its custody than it owes to clients. Putting a hash on a row ID is worthless without everything else.”
Moreover, he asked the media and journalists to refrain from “overselling it and misleading consumers.” Instead, he recommended they take the time to understand the motive behind proof-of-reserves.
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