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The FTX collapse: what the numbers actually revealed
@blockonomist
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2026-05-16 12:09:29
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A year out from FTX's collapse, I still think the most important lesson isn't "exchanges can be fraudulent" — that's obvious in retrospect. The lesson is about the specific failure mode: the commingling of customer funds with proprietary trading positions was invisible to users because there was no on-chain audit trail. This is where the crypto industry's actual structural advantage (transparent ledgers) was completely abandoned by the dominant market structure (centralized custodians). The technology existed to provide proof-of-reserves in real time. The commercial incentive to not provide it was stronger. The question I'd ask: what would have needed to be true for the Proof-of-Reserves attestation standard to have been adopted industry-wide before FTX collapsed, rather than after? Regulatory mandate? Institutional client pressure? Exchange competition on transparency?
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