Chainalysis's CEO Comments On Proof Of Reserves

Story: Divya Sinha

In an interview with Bloomberg, Michael Gronager, CEO of Chainalysis talks about crypto regulation and proof of reserves.

When asked about proof of reserves, he said the main problem is “we also need to prove liabilities” and liabilities are much harder to prove.

Gronager says that crypto has a unique level of transparency and one can see all funds moving everywhere.

On the FTX debacle and fraud, he said it’s all an example of old finance and in the coming year things will become more transparent.

Michael Gronager said that they are working closely with the bankruptcy trustee of FTX and they are figuring out left funds.

He said, “we have traced more than a billion dollars of funds and recouped them”.

When asked about the absence of regulations, he detailed that enforcement is there and customers are protected through it.