The auditing firm working with Binance, KuCoin, and other leading cryptocurrency exchanges on proof-of-reserves statements, Mazars, has paused all work for cryptocurrency clients. In a statement, the firm said it only paused its work for crypto firms relating to these reports.

The founder and former CEO of FTX, Sam Bankman-Fried, is no expected longer to contest his extradition to the United States, where he is facing criminal fraud charges. Bankman-Fried was arrested in the Bahamas earlier this month.

Solana-based decentralized exchange Raydium has suffered an exploit that saw attackers siphon funds off of its pools and into a wallet that they control. Raydium confirmed the breach on social media.

Top stories in the Crypto Roundup today:

• Proof-of-Reserves Auditor Mazars Halts Work for Crypto Clients
• Sam Bankman-Fried Expected to Accept Extradition to US
• Solana-Based Raydium Exchange Suffers Exploit
• CryptoCompare Year In Review: 2022

Proof-of-Reserves auditor Mazars Halts Work for Crypto Clients

The auditing firm working with Binance, KuCoin, and other leading cryptocurrency exchanges on proof-of-reserves statements, Mazars, has paused all work for cryptocurrency clients. In a statement, the firm said it only paused its work for crypto firms relating to these reports.

According to the statement, Mazars halted proof-of-reserves reports due to “concerns regarding the way these reports are understood by the public.” The firm added that its proof-of-reserve reports "do not constitute either an assurance or an audit opinion on subject matter.”

Instead, Mazars added, they “report limited findings based on the agreed procedures performed on the subject matter at a historical point in time."

The accounting firm performed a proof-of-reserves assessment of Binance earlier, finding its BTC reserves were overcollateralized. A link to the report on Mazars’ website no longer works.

Similarly, Mazars’ report on KuCoin’s BTC, ETH, USDT, and USDC reserves found they were all overcollateralized, but the link to the report is also no longer working.

Sam Bankman-Fried Expected to Accept Extradition to US

The founder and former CEO of FTX, Sam Bankman-Fried,is no longer expected to contest his extradition to the United States, where he is facing criminal fraud charges. Bankman-Fried was arrested in the Bahamas earlier this month.

He was later charged by a U.S. grand jury with committing or conspiring to commit fraud on FTX’s customers and lenders, along with counts of money laundering. The U.S. Securities and Exchange Commission (SEC) is charging Bankman-Fried with defrauding investors, and alleges he used customer funds for political donations and to fund an extravagant lifestyle.

The former CEO of FTX is now being held at Fox Hill prison after a judge denied a request to stay at home while awaiting a hearing on his extradition. If convicted, Bankman-Fried could face up to 115 years in prison.

Solana-Based Raydium Exchange Suffers Exploit

Solana-based decentralized exchange Raydium has suffered an exploit that saw attackers siphon funds off of its pools and into a wallet that they control. Raydium confirmed the breach on social media.

In a tweet referring to automated market makers (AMMs), the firm wrote:

“Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now.”

Raydium allows users to trade between different cryptocurrencies without the use of an intermediary and is one of the largest decentralized finance platforms on Solana.

CryptoCompare Year In Review: 2022

Digital assets have experienced a whirlwind of activity in 2022. From the collapse of Terra and FTX, to the emergence of new players and technologies, it has been a year of constant change.

Through it all, CryptoCompare has remained at the forefront of digital asset research and analysis. Our award-winning research has been providing in-depth insights and analysis on the key events and trends shaping the industry.

Now, as we look towards 2023, we invite you to join us as we reflect on the highlights of the past year and share our predictions for what the future holds via our latest blog post.

State of the Crypto by Top Tier Exchange Volume

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