# Four Years After FTX, Exchange Proof-of-Reserves Still Omits the Half That Matters

Inclusion proofs show a customer's balance was counted and show the exchange holds coins, but they do not prove that liabilities are complete, and BitMEX spent two years looking for a buyer before deciding to close.

- Published: 2026-08-09T06:30:14.346Z
- Canonical: https://polylog.news/crypto/2026-08-09/four-years-after-ftx-exchange-proof-of-reserves-still-omits
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CryptoSlate](https://cryptoslate.com/four-years-after-ftx-crypto-exchanges-still-prove-assets-without-proving-solvency/), [crypto.news](https://crypto.news/bitmex-spent-two-years-seeking-buyer-before-shutdown/)

Proof of reserves works exactly as advertised and proves less than customers assume. A user copies an identifier, follows a path through a Merkle tree and receives confirmation that their balance was included in the exchange's published tot…

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