To increase transparency, exchanges are adopting Proof of Reserves (PoR) standards. Despite its security, PoR shows only assets held, not liabilities, so it is not a complete measure of solvency risk. Is it reliable? In light of ongoing issues surrounding the security of users' funds, we believe it is important for the industry to assess its successes and shortcomings. To this end, the adoption of the Proof of Reserves (PoR) standard is seen as a vital step forward. PoR is a cryptographi...