Written by: Shilika Jain, who worked with industry greats in Business Development at CoinMarketCap and Binance, and worked with over 50+ projects including Dapps, DeFi protocols, NFT projects, L1’s and exchanges. FTX crash is one of the black swan events in the crypto industry. It was not just customers who faced increased losses, but the industry’s reputation was also at stake, otherwise famously known for frauds and scams. However, the spiraling of the FTX led to the need for increased transparency in the crypto industry. One of the proposed solutions by centralized exchanges was to bring Proof of Reserves into practice to
The US SEC has already launched its first attack declaring that FTX’s native cryptocurrency FTT token was a security. The dramatic collapse of the crypto exchange FTX last month has sent shockwaves across the entire crypto industry. Millions of FTX users have lost their hard-earned money while trading with FTX.…