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Hundreds of millions of dollars worth of digital assets are being liquidated from the global markets after a prominent auditing firm announced the halting of all work for crypto clients.
According to a new report, Mazars, a French auditing firm that was hired by the world’s largest crypto exchange Binance last month, is pausing its services over concerns that the public may not fully understand the reports they curate.
Mazars was conducting proof-of-reserve checks, which would confirm that a crypto exchange’s reserve data matches its clients’ assets.
As stated by the firm,
“Mazars has paused its activity relating to the provision of ‘Proof of Reserves Reports’ for entities in the cryptocurrency sector due to concerns regarding the way these reports are understood by the public.”
Before pausing its work, Mazars found that Binance had overcollateralized their assets, something which former Kraken CEO Jesse Powell said at the time was a “big red flag.”
According to data from crypto data tracker and derivatives exchange Coinglass, over $135 million worth of crypto assets have been liquidated from the crypto markets, the largest single liquidation event coming from Binance where an investor sold $5.52 million worth of leading smart contract platform Ethereum (ETH) and stablecoin Tether (USDT).
The five most liquidated cryptos over the last 24 hours are ETH, the top crypto asset by market cap Bitcoin (BTC), popular meme asset Dogecoin (DOGE), Binance’s native asset Binance Coin (BNB), peer-to-peer decentralized network Litecoin (LTC).
Other notable assets sold include smart contract platform Cardano (ADA), XRP, the asset used to operate Ripple Labs’ payments platform, and ApeCoin (APE), the digital asset of the Bored Ape Yacht Club non-fungible token (NFT) community.
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