PricewaterhouseCoopers announces 8 cryptocurrency audit services, both BTC and ETH

According to Bloomberg News yesterday, auditing firm PricewaterhouseCoopers (PwC) has added cryptocurrency audits to its services, and this asset type is gradually becoming the standard for traditional financial firms.

PricewaterhouseCoopers executive Ralph Weinberger said on the phone that in the past year, the PwC teams spent a lot of time designing tools to match the private key and public address of the encrypted asset account.

Crypto

Weinberger said that the auditor's tools do not have access to a dedicated alphanumeric security code that protects each key, but does allow PwC to verify that an entity is the sole owner of a particular cryptocurrency asset.

Auditing cryptographic assets is difficult, and this is one of the reasons why many institutional investors evade this area. The field has been plagued by problems such as fraud, theft and market manipulation. If the crypto-asset company is able to obtain audit approval from the Big Four accounting firms, this will help alleviate some of the market's concerns. Currently, the crypto asset market is experiencing the biggest rebound since 2017.

Bitcoin prices have more than tripled since the beginning of the year, driven by news of the launch of crypto assets by companies such as Facebook and JPMorgan Chase & Co.

Despite calls for increased industry transparency following scandals such as token loss and regulatory investigations, professional auditing of cryptographic assets has proven challenging. Accountants have been working hard to verify ownership of cryptocurrencies, and in an industry dominated by start-ups, many companies lack the risk management and process control that an experienced audit firm expects.

Currently, PricewaterhouseCoopers can audit 8 tokens, including Bitcoin and Ethereum. Weinberger said that because of the different blockchains used, each cryptocurrency requires dedicated auditing tools, which is why their design tools took so long.

The company used such tools when auditing the accounts of BC Technology Group Ltd., a Hong Kong-listed company. BC Technology Group Ltd. is a blockchain investment company with subsidiaries including OTC, an off-exchange password trader.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The cryptocurrency exchange "closed tide", running to catch up with P2P

The cryptocurrency exchange, once regarded as “stable and not paying”, is more crazy than other fields,...

Blockchain

The original market maker is not "Zhuang"? What is the significance of the coin safety ball recruitment market?

On September 30th, the company announced that it has launched the Global Markets Program and will recruit Market Make...

Market

Dialogue with Circle CEO How can USDC recover the market lost due to SVB's bankruptcy?

In this interview, Laura Shin and Jeremy Allaire discussed various topics including Coinbase's investment in Circle, ...

Finance

The Block Editor-in-Chief 5 Innovative Projects Worth Paying Attention to

Promising emerging projects include derivatives protocols, governance platforms, and infrastructure, among others. Au...

Blockchain

Get Ready for a Jaw-Dropping 90% Asset Return by Q2 2024 FTX Customers in for a Thrilling Ride with New Amended Proposal!

Exciting news for customers of defunct cryptocurrency exchanges FTX and FTX.US - an updated proposal offers hope of r...

Blockchain

SBF trial imminent, let's see what legal experts have to say

Source Coindesk Translator LianGuaiBitpushNews Mary Liu FTX founder and former CEO Sam Bankman-Fried (SBF) will be in...