Best Proof of Reserve Auditors and Tools (2025)

47 exchanges now publish proof of reserves. Only a handful use independent auditors.

After FTX collapsed with “customer funds” that didn’t exist, the crypto industry scrambled to prove solvency. Some exchanges hired auditors. Others built dashboards. Most did the bare minimum.

Here’s how to tell the difference—and which auditors and tools actually matter.

TL;DR: For serious PoR, use The Network Firm (auditor) + Merkle tree verification. For DeFi, integrate Chainlink PoR. For Bitcoin-only, consider Hoseki’s real-time verification.

The PoR Audit Landscape

The crypto auditing world changed overnight in November 2022. Before FTX, getting a proof of reserves attestation was relatively straightforward. A handful of accounting firms—led by Armanino—had built practices around verifying crypto holdings.

Then FTX proved that point-in-time attestations mean nothing if a company is actively committing fraud between audits.

The result: Armanino and Mazars both retreated from crypto auditing, leaving a gap that crypto-native firms rushed to fill.

Top Proof of Reserve Auditors

The Network Firm ⭐

Verdict: Best choice for exchanges serious about PoR

The current leader in crypto PoR auditing. The Network Firm took over Kraken’s proof of reserves after Armanino’s exit.

Armanino LLP

The pioneer—now mostly out of the game

Armanino built TrustExplorer, a real-time reserve tracking platform, before scaling back post-FTX. They defined the standards most PoR implementations follow today.

• Status: Limited crypto work
• Legacy: Created the PoR template
• Cautionary tale: Was FTX’s auditor

Mazars Group

Traditional accounting, paused crypto work

Worked with Binance and Crypto.com before pausing in December 2022. Their reports were criticized for not verifying liabilities.

• Status: Paused crypto audits
• Issue: Proved assets but not that they exceeded debts

Grant Thornton

Traditional “Big 4 adjacent” firm with limited crypto exposure. Not a specialist.

PoR Technology Providers

Beyond auditors, technology can automate verification:

Chainlink Proof of Reserve

How it works: Chainlink nodes monitor reserve addresses and publish balances on-chain. Smart contracts check these values before allowing mints.

BitGo

Custody provider with built-in PoR capabilities. Institutions using BitGo can generate segregated, verifiable reserve reports.

Best for: Institutional custody clients who want PoR bundled with custody.

Hoseki

Real-time Bitcoin verification—the future of PoR

Addresses the key weakness of traditional PoR: point-in-time snapshots. Hoseki provides continuous verification.

Self-Service PoR Tools

For smaller companies or DIY implementation:

For technical details, see our guide to Merkle Tree Proof of Reserves.

Evaluating a Proof of Reserve

Not all PoR implementations are equal. Here’s the checklist:

Gold Standard Criteria ✅

Red Flags 🚩

If you see these, be skeptical:

• PoR shows only assets (not liabilities)
• Point-in-time only, no regular updates
• No third-party involvement
• Users can’t verify their inclusion
• Vague methodology

Current PoR Rankings

Based on Nic Carter’s evaluation—the closest thing to an industry standard:

Cost & Implementation

Planning your PoR budget:

Costs vary by exchange size and asset diversity.

Choosing the Right Approach

See which companies have verifiable proof of reserves on our Bitcoin Companies Leaderboard. All holdings verified on-chain.