11-13-2022, 12:10 PM
FTX was audited by a "metaverse firm" called Praga Metis that also hosts a nightclub
<!-- SC_OFF --><div class="md"><p>A lot talk going around that every exchange should do proof of reserves to be fine, but a that's not nearly enough as even that could be very easily manipulated by some certain auditor. In the case of FTX there also was an auditor, a metaverse company that also operated in Decentraland (MANA if you still know it) where it had the "Decentraland Babydolls" Club.</p> <p>I know that all may sound like parods but that's literally true. In 2021 that company confirmed $1b in revenue for FTX and has since then been very proud of having a relationship with FTX.</p> <p>Now obviously they are not so proud. As the crypto newsletter CoinDesk approached them, their "chief metaverse officer" (a real role nowadays) said he does not not know anything about FTX and even said: "I'm retired".</p> <p>That's all literally jokes but further highlights how important it is to not just get an audit done or a proof of reserve but it's also highly important by whom it is done. We all should be careful about that as a lot of exchanges will do unreliable audits the coming days just to try to gain our trust.</p> <p>Edit, the source and for full information: <a href="https://www.coindesk.com/business/2022/11/11/meet-the-metaverse-night-clubloving-audit-firm-that-presided-over-ftxs-financials/?outputType=amp">https://www.coindesk.com/business/2022/11/11/meet-the-metaverse-night-clubloving-audit-firm-that-presided-over-ftxs-financials/?outputType=amp</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/partymsl"> /u/partymsl </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ytk4qn/ftx_was_audited_by_a_metaverse_firm_called_praga/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ytk4qn/ftx_was_audited_by_a_metaverse_firm_called_praga/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>A lot talk going around that every exchange should do proof of reserves to be fine, but a that's not nearly enough as even that could be very easily manipulated by some certain auditor. In the case of FTX there also was an auditor, a metaverse company that also operated in Decentraland (MANA if you still know it) where it had the "Decentraland Babydolls" Club.</p> <p>I know that all may sound like parods but that's literally true. In 2021 that company confirmed $1b in revenue for FTX and has since then been very proud of having a relationship with FTX.</p> <p>Now obviously they are not so proud. As the crypto newsletter CoinDesk approached them, their "chief metaverse officer" (a real role nowadays) said he does not not know anything about FTX and even said: "I'm retired".</p> <p>That's all literally jokes but further highlights how important it is to not just get an audit done or a proof of reserve but it's also highly important by whom it is done. We all should be careful about that as a lot of exchanges will do unreliable audits the coming days just to try to gain our trust.</p> <p>Edit, the source and for full information: <a href="https://www.coindesk.com/business/2022/11/11/meet-the-metaverse-night-clubloving-audit-firm-that-presided-over-ftxs-financials/?outputType=amp">https://www.coindesk.com/business/2022/11/11/meet-the-metaverse-night-clubloving-audit-firm-that-presided-over-ftxs-financials/?outputType=amp</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/partymsl"> /u/partymsl </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ytk4qn/ftx_was_audited_by_a_metaverse_firm_called_praga/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ytk4qn/ftx_was_audited_by_a_metaverse_firm_called_praga/">[comments]</a></span>