Yesterday
Grant Thornton announced it has audited over $10 billion worth of cryptocurrencies. The impressive sum occurred only in the first three months of 2019 and across 40 different blockchain-based digital currencies.
As cryptocurrencies are no longer a niche investment, there has been a call for regulation or at least verification of the value and owner of the assets. Many will recall the saga earlier this year in which the CEO of Canadian cryptocurrency exchange QuadrigaCX died, and funds have been hard to trace.
Johnny Lee, Grant Thornton’s national practice leader for Forensic Technology Services, commented: “Cryptocurrency companies must contend with an auditing challenge that is at once simple and complex. First, can you prove that you own and control the assets you are claiming as yours? And, second, do those assets really exist – and can you prove as much?”
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