Jesse Powell
Binance proof-of-reserves is ‘pointless without liabilities’: Kraken CEO
Disclaimer: The article has been updated to reflect Binance CEO CZ’s response to the concerns raised by Kraken CEO Jesse Powell. The collapse of the crypto exchange FTX revealed the importance of proof-of-reserves in avoiding situations involving the misappropriation of users’ funds. While exchanges have proactively started sharing wallet addresses to prove the existence of users’ funds, several entrepreneurs, including Kraken CEO and co-founder Jesse Powell, called the practice “pointless” as exchanges fail to include liabilities. According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. Whil...
DeFi needs appropriate regulation before moving to retail, says Fed Chair: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. United States Federal Reserve chairman Jerome Powell has given his verdict on the evolution of the DeFi market, claiming there is a definite need for robust regulation before the nascent market could expand to retail. Maple Finance CEO believes that separating the risk from lending saved DeFi from the market crash. He added that crypto lending has operated as intended through the crypto winter because of the transparency. Members of the Ooki DAO are discussing various ways to respond to the recent lawsuit filed by the Commodity Futures Trading Commission. Another interesting turn of events from the DeFi ecosystem ...
