Primus Labs: The Main Street incident is not simply a reserves issue
Foresight News reported that Primus Labs tweeted regarding the recent Main Street incident, stating that the event should prompt the industry to reflect on the true meaning of the term "verification." For a long time, the crypto industry has been accustomed to a certain pattern, namely, publishing reserve figures and displaying them on dashboards, with users being asked to trust that the underlying assets genuinely exist. As long as the market remains calm, this approach often seems sufficient. Primus Labs pointed out that this incident was not simply a matter of reserves, but of visibility—the market discovered that "reported figures" and "verifiable reserves" are not the same thing. Once confidence depends on obtaining additional information from the issuer, transparency is no longer an inherent property of the system but becomes a matter of cooperation.
Primus Labs believes that verification should be cryptographic, continuous, and directly bound to the data source, rather than relying on whether the issuer chooses to provide more information or on intermediaries interpreting information for users. This is also the core design philosophy behind its Proof of Reserves (PoR) product.
Primus Labs is a company focused on verifiable data infrastructure, dedicated to providing verifiable data, actions, and execution layer support for applications such as AI Agents and DeFi. Its core technical focus is on zkTLS and zkFHE. The company completed a $6.5 million pre-seed plus seed round of financing in February 2025, co-led by Dispersion VC, Symbolic VC, and VanEck, with participation from Samsung Next, Alchemy, Maelstrom Fund, and others.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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