CryptoNews: The team that once worked with Sam Bankman-Fried on the books for FTX US completed the attestation of troubled stablecoin TrueUSD's Proof of Reserves. 😮
, the digital asset division of accounting firm Armanino, which stopped performing crypto audits last year, started The Network Firm. Armanino did not give an opinion for the audit on the internal controls over accounting and financial reporting of FTX.US or FTX Trading in 2021.
Armanino's quality-control procedures were found to be lacking in 2019 by the Public Company Accounting Oversight Board. The company came under fire for its audit of Lottery.com, which overstated its cash balance by $30 million and incorrectly recognized revenue, leading to Armanino's resignation in September before a class-action lawsuit was filed against Lottery.com's executives.
Executives at Archblock, which supports the TrueUSD stablecoin, have previously endorsed the Armanio team and said they would continue to use The Network Firm. TrueUSD has $26,000 in money at US depository institutions, according to a recent attestation by The Network Firm, although it did not name which ones. TrueUSD is currently trying to boost confidence in its stablecoin, which has de-pegged, as it emphasized that its exposure to Prime Trust is limited.Related Articles
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