In this article, the Chief Security Officer (CSO) of Bitrue shares insights on how crypto exchanges have been affected following the collapse of FTX. He discusses the challenges that exchanges faced in maintaining customer trust, as well as the measures that Bitrue has taken to improve their security and transparency in response to these challenges. The article provides valuable information for anyone interested in the current state of the crypto exchange industry.
The crypto space was rattled by the collapse of FTX, which caused some crypto firms to fail and prices to plummet. However, market conditions have since improved, and confidence is now being restored. Bitcoinist spoke with Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue, about how crypto exchanges have dealt with the aftermath of FTX’s decline and how Bitrue is working to regain its users’ trust. Quartly-Janeiro commented on the preventability of FTX’s situation and how firms closely associated with FTX struggled as a result. He also spoke about the importance of custodianship and risk management for exchanges to regain user trust. Bitrue has established an insurance fund, conducts penetration testing, and limits the amount of leverage an individual investor can use. Finally, Quartly-Janeiro mentioned that exchanges have already regained some amount of user trust, and FTX-Gemini highlighted the importance of better risk management, tighter margin maintenance, and greater visibility of financial risks.