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The Crypto Industry Struggles for a Way Forward After FTX Collapse

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“For us, this is a really great moment,” said Jeremy Allaire, CEO of crypto payment firm Circle. People who were focused on are not so happy.”

Binance essentially runs the same kind of business as FTX, but CEO Zhao has recently been wary of differentiating himself from former rival Bankman-Fried. liar Criticizing FTX’s most dangerous practices. On November 25th, Binance will launch a new “Stockpiling certification system” We are committed to informing users about the amount of cryptocurrency in their account and alleviating concerns that they may be vulnerable to the kind of deposit execution that destroyed FTX. (But Binance’s plan was heavy criticized due to lack key information)

Coinbase also tried to ease fears of collapse, blog post This means that you always keep the same amount that the customer deposited. “There can be no ‘runaways’ on Coinbase,” the post said.

Still, some industry experts argue that the mere existence of big players like Binance, Coinbase, and FTX goes against the ideals of cryptocurrencies. Since the demise of FTX, some cryptocurrency enthusiasts flocked Allowing small businesses in the experimental field of decentralized finance to allow traders to borrow, lend and trade without banks or brokers, instead into a publicly viewable system governed by code. depends.

But DeFi has its own problems, such as being vulnerable to hackers. Hackers have drained billions of dollars from experimental projects this year.

“They are based on very inefficient and unwieldy technology,” said Hillary Allen, a financial expert at American University. “They are very vulnerable operationally.”

Surveillance in Washington has also increased. SEC Chairman Gary Gensler has vowed to pursue cryptocurrency companies for securities law violations.House Financial Services Committee is scheduled Hold public hearing on December 13 I’m looking into the collapse of FTX.

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