Proof-Of-Reserve Auditor Mazars Pauses Crypto Services
Mazars has officially discontinued its “Mazars Veritas” service offering, which provided proof-of-reserve audits for cryptocurrency exchanges like Binance, KuCoin, and Crypto.com. Despite initially releasing these reports, Mazars has since withdrawn them and paused any work involving cryptocurrency clients due to “concerns regarding the way these reports are understood by the public.” The FTX implosion has generated significant demand for crypto audit services, but the lack of clear accounting standards has deterred prominent accounting firms from engaging and forced firms like Mazars to discontinue such operations.
Binance.US Wins Bid to Acquire Voyager Digital Assets for $1.022 Billion
Binance.US is set to acquire the assets of bankrupt cryptocurrency lender Voyager Digital for $1.022 billion; the fair market value of Voyager’s portfolio is $1.002 billion, showcasing the bid’s additional consideration in incremental value up to $20 million. FTX US previously submitted a winning bid of $1.42 billion at a U.S. bankruptcy auction and was set to acquire Voyager’s assets; however, FTX’s collapse terminated such plans. Despite several crypto firms submitting revised bids, Voyager Digital selected Binance.US as they had the “highest and best bid for their assets.”
Donald Trump Launches NFT Trading Cards of Himself
In 2019, Former President Donald J. Trump tweeted, “I am not a fan of Bitcoin and other Cryptocurrencies… unregulated crypto assets can facilitate unlawful behaviour.” This week, Trump announced his first official non-fungible token (NFT) project, Trump Digital Trading Cards, that sold out the entire 45,000-item collection within hours at a $99 per NFT price. It provides buyers with a Trump-inspired NFT and automatic entrance into sweepstakes to win “1000’s of incredible prizes” like one-on-one dinners, golf games, and video calls with Trump.