“Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances,” the Foundation claims.
On Monday, the Tezos Foundation, the organization that controls the Tezos project’s vast cryptocurrency reserves, announced that PricewaterhouseCoopers (PwC) Switzerland has “agreed to act as the external auditor for the Foundation’s finances and operations.” The move is meant to help ensure “that the Tezos community and its observers can trust our operations and use of finances,” said the Foundation.
Over the last year, the Tezos Foundation has become infamous in the cryptocurrency world, as the project became embroiled in scandal and apparent greed. In February, the Foundation unceremoniously replaced its president and two of its board members.
Then, in April, one of the project’s co-founders, Arthur Breitman, was fined $20,000 by the Financial Industry Regulatory Authority (FINRA). The financial watchdog also barred Breitman, a former quantitative analyst for Goldman Sachs and employee of Morgan Stanley, from associating with broker-dealers for two years.
There’s a delightful irony in a blockchain project like Tezos turning to a “Big Four” accounting firm for help. After all, one of the advantages of blockchain-based systems is that they allegedly don’t need expensive auditing.
For what it’s worth, PwC doesn’t seem too concerned about a potential business threat. In fact, in March, the firm premiered its “blockchain validation solution.” As the saying goes: the more things change, the more they stay the same.
Source: Read Full Article