Michael Saylor Calls Proof Of Reserves A ‘Crypto Parlor Trick’, But Binance’s Ex-CEO CZ Isn’t Having It: ‘He Probably Sold Bitcoins’
Strategy Inc. (NASDAQ:MSTR) co-founder Michael Saylor on Tuesday sharply criticized the practice of publishing proof of reserves, calling it a security liability and a distraction from what truly matters, audited financials and institutional-grade transparency.
What Happened: His comments, made in a public address, dismissed proof of reserves as a “crypto parlor trick” that offers no real protection and exposes companies to significant risk.
“It’s like publishing the addresses and bank accounts of all your kids,” said Saylor. “It doesn’t make your family safer.”
He warned that making wallet addresses public opens an attack surface for hackers, nation-state actors, and other malicious entities. “You publish your wallet, that’s an attack vector,” he added.
Saylor’s central critique is that most current proof-of-reserve disclosures are incomplete and misleading.
“It’s a proof of assets that is insecure and not …
About The Author
