Three Years After FTX — Crypto Exchanges Still Chasing Transparency 🔍

[chainsniff]

It’s been three years since FTX’s collapse on Nov. 11, 2022, a moment that wiped billions from crypto markets and destroyed public trust in centralized exchanges.

In the aftermath, users withdrew over $20B from major CEXs, forcing platforms like Binance, OKX, and Crypto.com to publish proof-of-reserves reports. But critics argue many of these are “snapshots, not audits,” revealing assets without liabilities.

Kraken economist Thomas Perfumo says the crisis wasn’t an indictment of crypto itself — but a wake-up call that governance and integrity matter more than ever.

DeFi protocols, meanwhile, have emerged stronger — adopting more robust governance and risk frameworks to weather future shocks.

[Nahid Hossen]

Proof-of-reserve was a start, but full transparency is still rare. ️‍️

[Rimon Khan]

Exchanges learned the lesson — but regulators won’t forget FTX anytime soon. ️