Many crypto firms broadly adopted proof-of-reserve measures after FTX's collapse to demonstrate onchain holdings for transparency.
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Michael Saylor calls onchain proof-of-reserves a ‘bad idea,’ rules it out for Strategy over security concerns
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Binance, Bitfinex, Kraken, Bitwise, alongside other crypto companies, began offering proof-of-reserves disclosures after the 2022 collapse of FTX in an effort to rebuild user trust through on-chain transparency
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