However, the report is not an official audit, but a “matching exercise based on information provided by the client about on-chain addresses of assets and a client database of customer balances,” according to Francine McKenna, lecturer in financial accounting at the Wharton School at the University of Pennsylvania. “It is no better than the Binance report, which is not surprising since it is the same firm and partner doing it.”
Source: https://www.coindesk.com/business/2022/12/09/cryptocom-releases-proof-of-reserves-data-showing-client-assets-are-fully-backed/?utm_medium=referral&utm_source=rss&utm_campaign=headlines