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The autumn of the FTX crypto change pressured many to rethink their general strategy to investments — ranging from self-custody to verifying the on-chain existence of funds. This shift in strategy was pushed primarily by the shortage of belief crypto traders have within the entrepreneurs after being duped by FTX CEO and co-founder Sam Bankman-Fried (SBF). FTX crashed after SBF and his accomplices have been caught secretly reinvesting customers’ funds, ensuing within the misplacement of not less than $1 billion of shopper funds. Efforts to regain investor belief noticed competing crypto exchanges proactively flaunting their proof of reserves to substantiate customers’ funds’ existence. Nevertheless, group members have since demanded that the exchanges present their liabilities to safeguard the reserves. With SBF, the self-proclaimed “most beneficiant billionaire,” committing fraud in broad daylight with no seen authorized implications, traders should keep a defensive stance on the subject of defending their investments. To safeguard belongings from fraud, hacks and misappropriation, traders should take sure measures to maintain whole management of their belongings — typically thought of as greatest crypto funding practices.
Full story : How to keep your cryptocurrency safe after the FTX collapse.
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