Following an announcement by a prominent audit firm, digital assets worth hundreds of millions are being taken off the global markets.
According to a new report, Mazars is halting services after being hired by Binance, the world’s biggest crypto exchange, last month. This was due to concern that the public may not understand the reports they curate.
Mazars was doing proof-of-reserve checks to confirm that the client’s assets match the crypto exchange’s reserves.
The firm stated that
“Mazars halted activity in relation to the provision of Proof of Reserves Reports to entities in the cryptocurrency industry due to concerns over the way these reports were understood by the general public.”
Mazars discovered Binance’s overcollateralized assets. Jesse Powell, former Kraken CEO, said that it was a “big red flag.”
According to Coinglass data, more than $135 million worth of crypto assets were liquidated on the crypto markets. The largest single liquidation event was on Binance, where an investor sold $5.52 million worth of Ethereum (ETH) and Tether (UST).
The five most liquidated cryptos within the last 24hrs were ETH, the largest crypto asset by market capital Bitcoin (TTC), Dogecoin’s popular meme asset (DOG), Binance Coin’s native asset (BNB) and peer-to–peer decentralized network Litecoin (LTC).
Other notable assets include the smart contract platform Cardano ADA and XRP. This was the asset that Ripple Labs used to operate Ripple’s payments platform. And ApeCoin AP is the digital asset owned by the Bored Ape Yacht Club non-fungible token NFT community.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
