How can exchanges regain investors' trust after the fall of FTX?
In the wake of the FTX collapse that came about as a result of the now-bankrupt cryptocurrency exchange funneling user funds to mitigate its own risks, crypto exchanges came up with a transparency solution called proof-of-reserves.
After taking the snapshot, the auditor obtains a Merkle root: a cryptographic fingerprint that uniquely identifies the combination of these balances at the time when the snapshot was created. He added that with publicly released liabilities that retail investors can easily verify, “the asset disclosures which exchanges are making would finally make sense,” adding that the balances presented in these audits only “hold weight under the assumption liabilities are properly presented.”
Crypto.com CEO Kris Marszalek came out to clarify that the $400 million ETH transfer was a mistake and was meant to be sent to another cold wallet, raising even more suspicion.
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