LakeBTC or Lake Banking Technology Company, a subsidiary of Lake Investment Limited, is nowadays a bitcoin trading ”platform for pricing, liquidity, security, derivatives and indexes” for individuals and professionals. Founded in 2013 in Kunshan, China, as a bitcoin exchange platform for interested traders and professionals, it gained experience to build its bitcoin platform.
LakeBTC took issue with the methodology of the audit, raising a number of good points as to why the audit was not, in their view, legitimate. Who were the people running the audit, how were they chosen, and what are their credentials? Why were fiat reserves not included in the mandate, and how are people to know that bitcoin was not borrowed just for the sake of the audit? Some interesting points that were raised elsewhere – however, no alternatives were suggested, and they have submitted to know public audit since. Combined with lack of insight as to LakeBTC’s funding, LakeBTC’s no doubt legitimate and sincere objections have led to a lingering doubt in the marketplace. Perhaps they would have been better served submitting to an imperfect audit.
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