The advisory and accounting firm Grant Thornton has revealed that it has completed an audit over $10 billion in crypto in the first three months of this year.
Over 40 different cryptocurrencies and 100 million addresses were verified in the audit.
The company is the sixth-largest US accounting and advisory business, and it is based in Chicago. The firm helps cryptocurrency companies and investors reach regulatory compliance independently by verifying their stated assets.
Regarding the audit, Johnny Lee, national practice leader for forensic technology services at Grant Thornton, said the following:
“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?”
The company works using the complete archival copies of blockchains for 40 cryptocurrencies.
Some of the blockchains that were audited included:
- Bitcoin Cash
- All ERC20-compliant tokens
Markus Veith, partner-in-charge at the Northeast financial institutions practice at Grant Thornton and an SEC, IFRS specialist in blockchain technology, stated:
“You cannot just go and look at some other company’s records to see that cryptocurrencies or other digital assets exist. You cannot really confirm them with the owner. So we’ve had to come up with a methodology through which we could get comfortable with the existence and ownership of these digital assets.”
The company allegedly developed its own methods for testing and tracing the ownership and status of each of these currencies, employing “proprietary forensic nodes” for particular currencies such as Ethereum, Ethereum tokens, Bitcoin and Bitcoin Cash.
Featured Image: Grant Thornton