Custodians and solvency

Exchanges that hold their customers’ coins, how they fail, and how they can prove they have not.

Maxwell’s Merkle-sum-tree proof of reserves (2013)

Maxwell's Merkle-sum-tree proof of reserves (2013)

The Mt. Gox collapse and the malleability excuse (2014)

The Mt. Gox collapse and the malleability excuse (2014)

Provisions: privacy-preserving proofs of solvency (2015)

Provisions: privacy-preserving proofs of solvency (2015)

FTX, commingled customer funds, and proof of liabilities (2022)

FTX, commingled customer funds, and proof of liabilities (2022)