The U.S. Securities and Exchange Commission's acting chief accountant, Paul Munter, warned investors to put little faith in crypto companies' proof-of-reserves.

“We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” Munter told The Wall Street Journal, adding: “Investors should not place too much confidence in the mere fact a company says it’s got a proof of reserves from an audit firm.”

(By Adam James)