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Comment by TekMol | Hacker News Reader

    Robinhood Crypto is a trading platform where
    users own their own crypto and we hold it
    securely on their behalf.

Is this regulated somehow? Are there any governmental auditors coming in from time to time and check whether that crypto really exists? Or is it possible that they sell unbacked IOUs?

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There is no crypto trading platform or organization which had even a single independent audit, in any country. That's more than enough information I think :)

This is not true

Like what? Audit is not equal to attestation. Some platform did attestations, but those are meaningless.

I was indeed thinking of the proof of reserves audits (attestations).

In crypto, the answer to "is this regulated" and "are there government auditors" is always "haha absolutely not".

And they really like it that way. Sure, Sam Bankman-Fried is in jail because he took $8 billion of funds that his company was supposed to be holding on customers' behalf. But see, that's actually positive for crypto, as it somehow in crypto-bro logic proves that everybody else is clean as a whistle. (Never mind that SBF was the #1 credible face of this industry only 14 months ago.)

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