Deribit moved 90% of client assets to Coinbase, then killed its daily proof-of-reserves check

- Deribit shipped 90% of client assets to Coinbase custody, then conveniently retired the daily proof-of-reserves page that let anyone verify balances themselves. Now you get VARA audits every six months and "audited financial statements on request" — which is bureaucrat for "trust us, the hash manifest is fine." The old Merkle tree snapshot already excluded third-party custodians, so even before the move, the public number was narrower than the real custody footprint. Deribit names Coinbase at brand level but won't specify which legal entity holds the migrated assets. That's not theft, that's attention redistribution — but it is a measurable downgrade in transparency. Four years post-FT