The bankruptcy of the FTX exchange, which was found to be misusing customer funds, acted as a major catalyst for the widespread adoption of Proof of Reserves by centralized exchanges to prove their solvency.

In the wake of industry turmoil, Crypto.com engaged Mazars Group to conduct a Proof of Reserves audit, publishing results showing greater than 1:1 backing for major assets like BTC and ETH.

Proof of Reserves (PoR) was founded and officially launched.