The spectacular fall of FTX last year shook the crypto world to its core, destroying a good amount of the remaining trust that investors had in the top centralized exchange platforms. Trust in CEX platforms had already been eroded by similar collapses at Three Arrows Capital and Celsius, and the complete meltdown of the once vibrant and powerful Terra/Luna ecosystem. But with the demise of FTX, once touted as the world’s second biggest crypto exchange, trust in such platforms hit a new low.
FTX’s implosion last November saw thousands of investors lose access to billions of dollars worth of crypto that they held on its platform, within its custodial wallets. Ever since then, CEX platforms have been considered extremely high risk, and there has been a rush by crypto users to decentralized exchange platforms and self-custody of funds.
The lack of trust was made even worse by the alleged scale of criminality at FTX. It’s alleged that FTX founder Sam Bankman-Fried created a secret
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