Grant Thornton has studied $ 10 billion worth of Bitcoin & Co. The company took a close look at 40 different crypto currencies and 100 million different addresses.
That the crypto-space is not transparent, is not only known since tether. The Stable Coin company, which has recently accidentally printed $ 5 billion, has always been unconvincing in the past.
Grant Thornton sees a promising business here. The accounting and consulting organization states in a press release that it is dedicated, among other things, to reviewing cryptocurrencies. During their last audit, they examined the following cryptocurrencies:
- Bitcoin Cash
- all ERC20 tokens
The purpose of the review was to find out if cryptographic companies actually own the coins they claim to own. Markus Veith, contributor to the Grant-Thornson audit:
For four years, we have developed technology platforms and audit methods that enable us to create [real-time] cryptocurrency balances with accuracy that meets stringent audit standards. The result is that we can independently verify what a company holds in different cryptocurrencies.
Grant Thornton seems to have developed a way to trick crypto companies, especially Bitcoin exchanges. The company adapted the analysis methods to the specific technical specifications of the individual crypto currencies. It should now be possible to test a large number of different crypto currencies and to check millions of addresses:
We performed [the Crypto Currency Audit] for 40 cryptocurrencies and more than 100 million addresses in the first three months of this year.
Potential for regulators
However, the audit process is likely to be of interest to regulators and government agencies. Because they have repeatedly announced this year, the review of crypto companies in the future to carry out more carefully. In this context, we recently received the message that the Federal Financial Supervisory Authority provides for stricter regulation of Bitcoin exchanges. In this context, there is currently a bill that requires a license to operate Bitcoin exchanges.
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