FTX Collapse: Which Platforms In The Crypto Market Can Be Trusted?

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The biggest news this week across the cryptocurrency industry has been the implosion of the FTX crypto platform. The company is at risk of insolvency and is seeking buyers of the last resort. FTX is also at the center of probes from numerous regulators and the US Department of Justice. 

There is also mounting evidence that the company’s founder allegedly used customer funds to support a sister business, Alameda Research. Customers are out billions of dollars in assets, and early investors with a stake in FTX, like Tom Brady, Steph Curry, and Kevin O’Leary, could also lose everything. 

FTX is the latest in a string of cryptocurrency companies going under or misappropriating customer funds. The biggest question the entire crypto community is currently asking is: which platforms left in the crypto market can be trusted?

When Satoshi Nakamoto first developed Bitcoin – the first ever cryptocurrency – he designed it to be trustless and its protocol work without the need for a third-party intermediary. But that is the Bitcoin code. To actually buy BTC or other popular cryptocurrencies, you still need a trusted third party. And to trade crypto, you must trust other platforms with your digital assets, which must be responsible for keeping those funds safe.

All too often, businesses can’t avoid the temptation of using customer funds or simply don’t take security seriously enough. For years hacks were highly prevalent, but that trend has since shifted away from exchanges and trading platforms and towards DeFi protocols themselves, which are regularly drained of funds.

While crypto platform security has undoubtedly been beefed up,