Proof of reserves (PoR) has gone from a buzzword to a roar in recent weeks as the crypto world tries to recover from the shock and losses of the current crypto winter. After a flurry of discussion and work, criteria and rankings for adequate PoR are beginning to appear, but the fine points of how to conduct proof of reserves, or even who should do it, remain open questions.

The difference between proof of assets and proof of reserves was pointed out quickly, along with their deficiencies by themselves. Traditional auditors’ attempts at providing PoR were soon frustrated, with major firms stepping up and quickly retreating.