The thing that shocks me is that anyone still trusts any of these exchanges except maybe Coinbase. I just heard the Kraken CEO in an interview touting his "partial balance sheet audit" for 2021. The interviewer asked if Kraken would have a full balance sheet audit (proving reserves) this year.
The CEO couldn't commit to a timeline for a full audit (ie not in 2022) but pointed out reserves were just "one component" of protecting customer's assets. That's like a captain saying that he wasn't going to check if there is a hole in the boat because hull integrity is just one component of a ship's voyage.
And on Reddit people seem to think Kraken is very dependable.
The CEO couldn't commit to a timeline for a full audit (ie not in 2022) but pointed out reserves were just "one component" of protecting customer's assets. That's like a captain saying that he wasn't going to check if there is a hole in the boat because hull integrity is just one component of a ship's voyage.
And on Reddit people seem to think Kraken is very dependable.