Proof-of-Reserves Auditing for Crypto Exchanges: Merkle Tree Verification, Liability Attestations, and Investor Safety Standards
Introduction
The collapse of several high-profile crypto platforms in recent years has turned the phrase “not your keys, not your coins” into a rallying cry. As users demand stronger guarantees that exchanges actually hold the assets they claim, Proof-of-Reserves (PoR) auditing has emerged as a critical transparency mechanism. By combining