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Kraken's Jesse Powell Takes Aim at Newly Launched Proof-of-Reserve Lists

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Kraken executive Jesse Powell shared a screenshot of coinmarketcap.com’s newly launched proof-of-reserves (POR) dashboard. 

“I said I was going to be more assertive with calling out problems. This is one of them,” Powell said. “‘Reserves’ = assets minus liabilities. ‘Reserves’ != list of wallets,” the Kraken executive explained. Powell added:

The Proof of Reserves AUDIT requires cryptographic proof of client balances and wallet control. #Proofofreserves audit must have: 1. sum of client liabilities (auditor must exclude negative balances). 2. user-verifiable cryptographic proof that each account was included in the sum. 3. signatures proving that the custodian has control of the wallets.

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