- Nic Carter called out John Reed Stark’s ‘inadequate’ knowledge of Proof of Reserves.
- Stark criticized Binance and advised customers to take off their money from the exchange.
- Changpeng Zhao appears to be unperturbed by Stark’s criticism.
Journalist and crypto influencer Nic Carter responded to criticisms of John Reed Stark on Binance, who believes that the leading exchange’s future is… stark.
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According to Stark’s lengthy tweet, Binance has a lot of red flags in terms of reliability, transparency, and regulation. Specifically, Stark, who was previously the US Securities and Exchange Commission’s (SEC) head of internet enforcement, highlighted Binance’s lack of sufficient Proof of Reserves (PoR).
To this, Carter responded with a series of tweets saying that Stark is “knocking down a strawman,” which refers to the strawman fallacy, and that the latter’s knowledge about PoR is “woefully inadequate.”
Stark replied to Carter, admitting that there is hardly any consensus regarding the definition of PoR and what its scope is.
Binance CEO Changpeng Zhao appears to be unconcerned with Stark’s attacks. In contrast, CZ published the transcript of his recent ask-me-anything (AMA) session on May 1, which discussed regulation, non-fungible tokens (NFTs), token listing, and more.
Binance has been a primary target of FUDs since its rival FTX suffered a bank run. There have been a number of bank run attempts on the exchange but it has withstood the test and called them simple as ‘stress tests’.
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