Burry is regarded as the first investor to correctly predict U.S. subprime mortgage crisis.
Binance CEO Changpeng Zhao (CZ) addressed criticisms of the POR of his platform.
Michael Burry, the founder of the investment company Scion Asset Management. And a well-known investor, said on Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges such as Binance and the defunct exchange FTX are pointless.
Furthermore, Burry is regarded as the first investor to correctly predict and benefit from the 2007–2010 U.S. subprime mortgage crisis. Moreover, the renowned investor tweeted in response to the news. The accounting firm Mazars Group will no longer provide proof-of-reserves audits for cryptocurrency companies.
The investor stated:
“This is the problem. In 2005 when I started using a new kind of credit default swap, our auditors were learning on the job. That’s not a good thing. Same goes for FTX, Binance, etc. The audit is essentially meaningless.”
Investor Anxiety Not
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