Michael Seller, an executive chair of Major Butt Coin Strategy, who is a former micro -strategies, says that the Income Proof of Reserves post is a “bad idea” that can pose security risks.
Siler asked about the transparency move in a program on May 26 at the Bitcoin 2025 conference in Las Vegas when Seller said, “This is the current, traditional way to publish evidence of reserves.”
“It actually reduces the security of the issuers, the males, the exchange and the investors. This is not a good idea, it is a bad idea.”
Seller did not respond to whether the strategy would publish his proof of reserves when asked by Mitchell, head analyst Mitchell, whether his firm would do so.
I asked @Seller Unless @Microstentity There is a plan to publish proof of on -chain about reservoirs
The answer will surprise you
“This is a bad idea.”
– the risk of security
– Unrelated 4 Large 4 Due to Obligatory OfficialsCheck it 👇 pic.twitter.com/tixuckgBepp
– Mitchell ✝ (Mitchellhodl) 27 May 2025
The proof of reserves are common in crypto exchange and confirm that the company has enough crypto reserves to meet consumer reserves. They can also confirm that other entities, such as crypto tracking exchange trade funds, hold the funds required for funds.
Seller acknowledged that the industry has a lot to learn from the elimination of crypto exchanges FTX and Mount Gox, but said that taking off -off -research institutions is not the right step.
“No institutional rating or enterprise security analyst will think that it is a good idea to publish all the leaves of the wallet, as you can find back and forth.”
“Go to the AI, keep it in a deep think mode and then ask him, ‘What are the security issues in publishing your wallet addresses?’ Seller said, “How can it harm your company’s security over time,” he added, adding, “50 pages of security”.
Perfect -offs adopted faster after the elimination of FTX
Many crypto exchanges, custodians and exchange trade funds began publishing their proof of reservations after the termination of the FTX in November 2022 to establish transparency and prove that they have enough assets to return customer reserves.
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Crypto exchange is among the players of the Binens, Crakes and Okax and Crypto Asset Manager Butt Wise Industry, who have adopted transparency.
However, the Seller noted that the proof of reserves often show only one side of the picture-what is with the company-and not their owed.
Siler’s strategy is the world’s largest corporate butt coin holder, with a balance sheet of $ 576,230 bitcoin to $ 62.6 million, followed by Bitcoin mining firm Mara Holdings, which has 48,137 bit coin, according to BitCoin Resources Dot Net.
More than 110 public trade companies around the world have bought BitCoin and have been holding them.
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