In the world of crypto, trust is everything, whether you like it or not. Recent Proof-of-Reserves (PoR) announcements from exchanges like KuCoin and Coinex on July 10th and OKX on July 9th, coupled with ongoing reports from pioneers like Kraken, signal a profound industry shift.
That wave of transparency is a direct response to the trust shattered by the catastrophic collapse of FTX, forcing a central question: has crypto really changed? The answer is a complex “yes,” as PoR’s adoption is a monumental leap from past opacity, though it is not a silver bullet, and some prominent figures have even called the practice a “bad idea.”
The industry’s move to PoR was forged by crisis. Before November 2022, the concept was niche. The fall of FTX, caused by the secret misuse of billions in customer funds, triggered a crisis of confidence that forced a new standard into existence. Nearly every major exchange rushed to implement PoR programs to prove their solvency and stop
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