The Network Firm: Former FTX US Auditor Armanino's Accounting Team Sets Up Shop, Exposing Chokepoint for Blockchain Industry!

The digital-asset team at Armanino, an accounting firm in California, has departed to form a startup called The Network Firm that will continue to provide audits, attestations, and other services to crypto clients. This move comes after Armanino decided to stop performing crypto audits last year due to heightened scrutiny of its past work for a U.S. affiliate of the failed FTX exchange. The departure of the team, led by Noah Buxton, was officially announced on Wednesday, and several of Armanino's former crypto clients are expected to follow them to the new firm. The Network Firm, founded in Miami, is focused entirely on the professional service needs of the crypto and digital asset industry. The move highlights the difficulty that crypto firms face in getting large accounting firms to provide audits and reserve attestations, even as the digital-asset industry pushes to shore up trust and reputation.