How can exchanges regain investors' trust after the fall of FTX?
In the wake of the FTX collapse that came about as a result of the now-bankrupt cryptocurrency exchange funneling user funds to mitigate its own risks, crypto exchanges came up with a transparency solution called proof-of-reserves.
After taking the snapshot, the auditor obtains a Merkle root: a cryptographic fingerprint that uniquely identifies the combination of these balances at the time when the snapshot was created. He added that with publicly released liabilities that retail investors can easily verify, “the asset disclosures which exchanges are making would finally make sense,” adding that the balances presented in these audits only “hold weight under the assumption liabilities are properly presented.”
Crypto.com CEO Kris Marszalek came out to clarify that the $400 million ETH transfer was a mistake and was meant to be sent to another cold wallet, raising even more suspicion.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bloomberg Crypto: Matt Levine Weighs In on the Post-FTX Crypto Ecosystem on Apple PodcastsIt's time to unpack the spectacular downfall of Sam Bankman-Fried's FTX. kgreifeld and VildanaHajric talk with matt_levine about a possible post-FTX crypto ecosystem on the Bloomberg Crypto podcast. Listen: Apple ➡️ Spotify ➡️
Read more »
The FTX contagion: Which companies were affected by the FTX collapse?Some of the firms affected include Genesis, Sequoia Capital, Galaxy Digital, and Galois Capital.
Read more »
Jaguars QB Trevor Lawrence among famous names sued in FTX crypto collapse, report saysJaguars quarterback Trevor Lawrence is among a host of Hollywood and sports celebrities named as defendants in a class-action lawsuit against cryptocurrency exchange FTX, according to a report from USA Today’s JagsWire.
Read more »
New FTX Boss Condemns Management of the Crypto Exchange During Sam Bankman-Fried's Tenure.FTX_Official CEO Ray condemns management of the failed crypto exchange under his predecessor, SBF_FTX. By jackschickler.
Read more »
Charlie Munger on bitcoin, crypto, FTX, Elon Musk, Tesla, Fed, goldWarren Buffett's right-hand man blasted crypto, praised Elon Musk and Tesla, and defended the Fed in a rare interview this week. Here are the 14 best quotes.
Read more »
Crypto Exchange FTX Fires 3 Top Executives, Report Reveals – Exchanges Bitcoin NewsThree high-ranking executives of failed cryptocurrency exchange FTX have been reportedly released from duties.
Read more »