The high-profile collapse of FTX was more proof, if we needed any, that the crypto bull run is over. The extraordinary events of 2019 through to 2021, which included the COVID-boom of retail investors in crypto, created a crypto gold rush in which proper risk management and operational transparency were overlooked, in favour of riding the wave of positive momentum. What has emerged is a need to re-evaluate what constitutes good practice from crypto providers, and look at how they can regain the trust lost over the past twelve months.
Transparency over Proof of Reserves
There are too many crypto providers who are detached from the fiscal reality of what is on their balance sheets. Examples such as FTX and the FTT token have shown us that bad actors have the ability to create value from thin air and that the difference between physical money and virtual currencies was greatly underestimated. This lack of liquidity
