Sustainable Value Frameworks for Web3 Protocol Development Companies

This article examines how different web3 protocol development companies (the “DevCo”) work to create sustainable value to its shareholders.

Jan 20 • Andrei Belonogov

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Legal and Technological Restrictions on the Sale and Transfer of Tokens: Impact on Fair Value

The post studies the effects of restrictions on the sale and transfer on the evaluation of the fair value of tokens subject to these restrictions.

Jan 7 • Andrei Belonogov

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What Is Acquihiring and How Should It Be Accounted For?

This post discusses the definition and key characteristics of acquihiring transactions, contrasts them with assumptions underlying the corresponding…

Jan 5 • Andrei Belonogov

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December 2025

NVIDIA + OpenAI

Quick Reference Card

Dec 24, 2025 • Andrei Belonogov

November 2025

Which internal controls could help Paxos to prevent the accidental mint of $300T PYUSD?

We dig into the underlying reasons caused the accidental minting of $300T PYUSD by Paxos last month, and suggest some internal controls that could have…

Nov 29, 2025 • Andrei Belonogov

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Stablecoin Classification Under US GAAP and FASB’s New Project on Cash Equivalents

A technical but readable guide to when stablecoins such as USDC, BUSD and other USD-backed tokens might qualify as cash equivalents under US GAAP, in…

Nov 24, 2025 • Andrei Belonogov

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Token Sale Cleanup: Structuring SAFT Records

Token sales often leave behind scattered and inconsistent records, making it hard for teams to show clear obligations to investors. Our template helps…

Nov 19, 2025 • Andrei Belonogov

Staking Income for Validators: How to Recognize and Report Rewards under US GAAP

Validator staking rewards are often misunderstood in financial reporting, and many companies struggle with how to measure, recognize, and present this…

Nov 15, 2025 • Andrei Belonogov

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Real-World Assets

Accounting for holdings of tokenized real-world assets.

Nov 5, 2025 • Andrei Belonogov

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What the $300T Mint Says About the Stablecoin Compliance

We discussed internal controls for stablecoin issuers with some leaders working in the blockchain industry in the light of the recent Paxos accidental…

Nov 1, 2025 • Andrei Belonogov

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October 2025

Fair Value of Tokens Received from Swaps on Decentralized Exchanges

A brief post about the effect of sandwich attacks on the fair value of tokens received from swaps executed on decentralized exchanges

Oct 27, 2025 • Andrei Belonogov

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Using Blockchain Information as Audit Evidence

Key risks, controls, and vendor considerations for using blockchain data received from third party vendors as audit evidence.

Oct 20, 2025 • Andrei Belonogov

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