Justin Sun reveals Poloniex issues prevent proof of reserves
Justin Sun has taken to X (formerly Twitter) to explain that “all exchanges in the industry have already implemented proof of reserves (PoR).” He followed up this pronouncement by further emphasizing that “there is only one explanation for why” exchanges have yet to do it — “they are unable to meet the requirements.” This reveal was somewhat surprising as Poloniex, a cryptocurrency exchange owned by Sun, has not implemented PoR, and as such we are forced to conclude that Poloniex is also “unable to meet the requirements.” Poloniex has a page on its website that claims to be a “Proof of Reserves,” but this page only shows how much Tron is on Poloniex, neglecting every single other asset. Poloniex proof-of-reserves and WBTC backing missing These issues become especially interesting in light of the fact that Sun has recently focused so many of his criticisms on the newly launched cbBTC, Coinbase’s wrapped-Bitc...