NChain Under Fire: Auditors Question The Blockchain Company’s Financial…

nChain Under Fire: Auditors Question the Blockchain Company’s Financial Records

British blockchain research firm nChain is facing scrutiny after auditors expressed concerns over the accuracy of its financial records. The company, which claims to be one of the largest blockchain patent holders in the world, filed its annual accounts weeks late, revealing a significant increase in losses.

Key Takeaways

> “nChain’s auditors have raised concerns over the company’s financial records, citing a lack of reliability and adequate accounting practices. The company’s losses have increased from $9.7 million in 2022 to $11.7 million in 2023.”

A History of Controversy

nChain has been embroiled in controversy in recent years. In September 2023, the company’s CEO and several board members were fired after blowing the whistle on alleged shadow directors running the company for personal gain. Craig Wright, a former employee and self-proclaimed Satoshi Nakamoto, lost his case against the Cryptocurrency Open Patent Alliance in March 2024.

Auditors’ Concerns

According to the auditors, BKL, they were “unable to satisfy ourselves over the reliability of the financial statements as a whole” due to the outcome of recent court cases involving former directors. The auditors also stated that they did not obtain all the necessary information and explanations for the audit and were unable to determine whether adequate accounting records had been kept.

Late Filing and Losses

The company’s late filing of its accounts has raised suspicions of malpractice. nChain’s losses have increased significantly, from $9.7 million in 2022 to $11.7 million in 2023. The company’s current CEO, Elena Anatolievna Spiers-King, an accountant herself, will likely face scrutiny over the company’s financial management.

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A Bleak Future?

nChain’s troubles may not be over yet. The company’s delayed accounts and alleged financial impropriety have raised concerns about its future prospects. The blockchain world will be watching closely as nChain files its 2024 accounts, which may reveal more about the company’s financial health.

As per the report, nChain’s situation highlights the importance of transparency and accountability in the blockchain industry. The company’s troubles serve as a reminder that even prominent players in the industry can face significant challenges and scrutiny.

#DeFi #Cryptocurrency #Web3 #Ethereum

Source: Nchain Criticized For Unreliable Accounts | Fullycrypto.com

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