Bloomberg News has conducted an investigation into transparency and reporting practices in the crypto industry, focusing on 60 companies that met certain criteria. The findings reveal that many companies operate outside commonly accepted norms and lack governance to prevent another crisis. Shockingly, only 63% of the crypto firms surveyed had an independent board of directors, and about half of them currently use a third-party independent auditor. Mazars, a Paris-based firm, reportedly distanced itself from the crypto industry due to concerns regarding the way reports are understood by the public. These findings should worry observers and highlight the need for the industry to catch up with industry standards.