30 May '15, 5pm

Former CTO of Bitcoin Exchange OKCoin Changpeng Zhao Speaks Out about Scams and Trading Bots

I can confirm OKCoin removed a number of accounts (used by OKCoin bots) to pass the Proof-of-Reserve audit in Aug 2014. In essence, these bots trade on fractional (or fictional) reserves. Stephan Thomas was lied to during the audit. This is an unfortunate limitation of the proof-of-reserves method. […] As a side note, Stephan Thomas specifically did not want any compensation for his audit efforts. Before the audit, OKCoin offered to make a donation in his name to a charity of his choice. He named a charity. After the audit was carried out, OKCoin never made that donation.

Full article: https://www.cryptocoinsnews.com/former-cto-bitcoin-exchan...

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