Poloniex proof-of-reserves and WBTC backing missing
Days before FTX declared bankruptcy, Justin Sun signaled his intent to make sure that both Poloniex and Huobi would complete a proof-of-reserves process. Poloniex even describes this process as an “audit.” However, despite these assurances, Protos was unable to find any proof of reserves anywhere for Poloniex. For its part, Huobi provided a ‘Work Report on Asset Transparency’ in November and said another was coming with a third party within 30 days, however, it’s not clear to us exactly which third party is providing the promised confirmation. Several months later, it also made an interface available for users to “confirm” their own balances. Protos has reached out to Poloniex to verify the status of its proof-of-reserves and to Huobi to determine the identity of the third party, and we’ll update if we hear back. Huobi’s reserves have been a matter of some concern since people highlighted a decrease in bitcoin, but Huobi was quick to point out that it had thousands of BTC currentl