‘Big Short’ Investor Michael Burry Says Binance Crypto Exchange Audit Is Meaningless – Here’s Why – The Daily Hodl

Hedge fund manager Michael Burry, who is known for being one of the first investors to foresee and profit from the collapse of the housing market in 2007, says the recent audit on Binance’s proof of reserves carries zero weight. Following the high-profile implosion of FTX, centralized crypto exchanges have been scrambling to provide proof-of-reserves reports, which aim to confirm that a platform’s reserves match its clients’ assets. The Big Short investor tells his 1.2 million Twitter followers that crypto is a relatively new asset class and that auditors are still learning the ropes. “This is the problem. In 2005