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Falcon Finance has published its first Independent Quarterly Audit Report on USDf reserves, confirming that all tokens in circulation are fully backed by assets that exceed liabilities, Finbold has learned.  The review was conducted by audit firm Harris & Trotter LLP under the International Standard on Assurance Engagements (ISAE 3000). Independent validation of reserves According to the report, USDf reserves are held in segregated, unencumbered accounts on behalf of token holders. The audit verified wallet ownership, collateral valuation, user deposits, and overall reserve sufficiency. Falcon Finance also publishes weekly verification of USDf issuance and reserves through its Transparency Page, with additional third-party reviews planned. “Independent quarterly audits are essential for building trust in stablecoin infrastructure. This review confirms that USDf is not only fully collateralized but backed by a diversified reserve base designed for resilienc...

If the plan is approved, the CNB could hold up to five percent of its €140 billion reserves in Bitcoin Michl believes the Bitcoin trend will continue even without the Trump administration The governor said he’s open to Bitcoin ending up becoming worthless The governor of the Czech National Bank has said that he’ll present a plan to the board to invest in Bitcoin as a way for the bank to expand its reserves. In an interview with the Financial Times, governor Aleš Michl, who is expected to present the plan on Thursday, said: “For the diversification of our assets, Bitcoin seems good.” If the board approves the plan, the bank could hold up to five percent of its €140 billion ($146 billion) reserves in Bitcoin. Trump impact Michl also pointed to US President Donald Trump’s impact on the crypto market. Last week, Trump signed an executive order for a crypto working group to provide regulatory clarity on crypto. It...

North American digital asset miner Hut 8 revealed that it mined 111 Bitcoin in September, or an average production rate of approximately 3.7 Bitcoin a day. This brings the total of self-mined BTC reserve s to 9,366, an 8% increase over the previous month. Growing reserves At the time of writing, Bitcoin currently sits just above $27,000, making the total reserve amount $258 million. Despite showing growth between months, the amount of Bitcoin mined is down year-over-year, although numbers are comparable to earlier this year where 147 Bitcoin were reported mined in May at the same time 179 BTC were sold. Alongside the production report, Hut 8 reports a hashrate capacity in Hut 8’s Alberta facilities as being 2.6 EH/s towards the end of the month, with production marked at 42.7 BTC/EH. You might also like: El Salvador pioneers first Bitcoin mining pool, boosting renewable energy The press release also reports that no Bitcoin was sold during the month of September, sugges...

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 qui...

South Korea has set a new reserve requirement for crypto exchanges, mandating them to have at least $2.3 million in reserves. Cryptocurrency exchanges in South Korea with bank-issued real-name accounts will have to reserve 30% of their daily average deposits or a minimum of 3 billion won ($2.26 million) starting from September 2023, according to a report by local news outlet News 1. The directive comes from the “Virtual Asset Real-Name Account Operation Guidelines” published by the Korea Federation of Banks in July. Meanwhile, the reserve requirement is capped at 20 billion ($15 million). The requirement aims to ensure that crypto exchanges can compensate users if a hack or system failure happens. You might also like: South Korea enacts comprehensive laws to protect crypto users The reserve standard will take effect in September. Other rules, such as robust know your customer (KYC) and authentication for collection transfers, will be implemented in Jan...