Kraken’s CEO Jesse Powell has lashed out at Binance, calling its proof of reserves to be pointless as it lacked “proof-of-liabilities”. Following the failure of the cryptocurrency exchange FTX, it was discovered that FTX had loaned out a sizable part of its customers’ assets as per their bankruptcy filings. As a direct result of this, prominent exchanges have been scrambling to reassure users about their proof-of-reserves and to push transparency in the market.
