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> ... it was a broad assumption in the industry that the exchange was solvent and could back user assets on a 1:1 basis. Anyone in crypto who makes this assump
by uncletammy 4y ago
> ... it was a broad assumption in the industry that the exchange was solvent and could back user assets on a 1:1 basis.
Anyone in crypto who makes this assumption about any other entity in crypto is either brand spanking new or a fool.
- mumbisChungo 4y agoUnfortunately this is not true in this case. Folks who have been in the industry for 10 years, many very publicly cynical, had assets on FTX. It was viewed by many as the safest CEX in the industry. I'm a bit more paranoid, so I maintain self-custody 100% of the time unless I'm using an on/off-ramp, but some very bright, very oldschool folks got caught up in this one.