On November 11, 2022, FTX<\/strong> \u2013 the world's third-largest crypto exchange \u2013 filed for bankruptcy protection. Sam Bankman-Fried (SBF)<\/strong>, the founder once estimated at $26 billion, went to prison. Billions in customer funds disappeared. Now, more than three years later, what did we learn from this shocking event, and how did it reshape the crypto world?<\/p>\n FTX launched in 2019 and grew at meteoric pace, seeming like a true success story:<\/p>\n In November 2022, CoinDesk<\/strong> leaked a document showing the balance sheet of Alameda Research (SBF's trading firm):<\/p>\n SBF's trial took place in October 2023 and concluded with the following results:<\/p>\n The most surprising development was the outcome of the FTX bankruptcy proceedings, which took an unexpectedly positive turn:<\/p>\n The collapse of FTX was not merely the fall of a crypto exchange, but a warning sign for the entire industry. What does this mean for the crypto world?<\/p>\n The most important lesson: if you don't hold your crypto (in your own wallet, with your own keys), then it's not really yours<\/strong>. Exchanges are custodian service providers \u2013 in case of bankruptcy, you're in line with other creditors. This is a clear message for every crypto owner to consider using their own wallets.<\/p>\n FTX had no meaningful oversight (registered in the Bahamas). MiCA, SEC enforcement, and institutional standards are partly built on FTX's lessons:<\/p>\n After FTX, many exchanges issued \"proof-of-reserves\" reports. But this doesn't show the liabilities<\/strong> \u2013 the reserves may exist, but meanwhile the exchange may owe others. For the full picture, proof-of-liabilities<\/strong> is also needed, which shows the exchange's total liability position.<\/p>\n The world's most experienced venture capital investors didn't conduct meaningful due diligence. Sequoia later admitted: at FTX there was no board of directors<\/strong>, there was no CFO, and financial record-keeping was chaotic. This warns that even the biggest investors can make mistakes if they don't conduct proper due diligence.<\/p>\n The FTX collapse paradoxically strengthened the crypto industry<\/strong>:<\/p>\n How Can We Protect Ourselves from Similar Future Events?<\/p>\n The FTX story is both a warning and a catalyst<\/strong> . A warning that in the world of cryptocurrencies, trust cannot replace verification. And a catalyst that accelerated the industry's professionalization. The events teach us that decentralization and personal responsibility are crucial in the crypto world.<\/p>\n Sam Bankman-Fried doesn't embody the failure of cryptocurrencies \u2013 but rather the failure of unsupervised, centralized power. Exactly what Bitcoin's decentralization was designed to solve.<\/em><\/p>\n \u26a0\ufe0f Legal disclaimer:<\/strong> This article is for informational purposes only and does not constitute investment advice. All investment decisions are made at your own risk.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Az FTX \u00f6sszeoml\u00e1s: a kripto Lehman Brothers pillanata 2022. november 11-\u00e9n az FTX \u2013 a vil\u00e1g harmadik legnagyobb kriptot\u0151zsd\u00e9je \u2013 cs\u0151dv\u00e9delmet k\u00e9rt. Sam Bankman-Fried (SBF), az egykor 26 milli\u00e1rd doll\u00e1rosra becs\u00fclt alap\u00edt\u00f3, b\u00f6rt\u00f6nbe ker\u00fclt. Milli\u00e1rdnyi \u00fcgyf\u00e9lp\u00e9nz t\u0171nt el. Most, t\u00f6bb mint h\u00e1rom \u00e9vvel k\u00e9s\u0151bb, mit tanultunk ebb\u0151l a megh\u00f6kkent\u0151 esem\u00e9nyb\u0151l, \u00e9s hogyan alak\u00edtotta \u00e1t a […]<\/p>\n","protected":false},"author":1,"featured_media":669,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[149,4,158,161,153,156,152,148,136,143,5,163],"class_list":["post-510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hirek","category-tozsde","tag-binance","tag-bitcoin","tag-europa","tag-ftx","tag-mica","tag-piac","tag-sec","tag-solana","tag-szabalyozas","tag-token","tag-tozsde","tag-wallet"],"_links":{"self":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/comments?post=510"}],"version-history":[{"count":2,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/510\/revisions"}],"predecessor-version":[{"id":701,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/510\/revisions\/701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media\/669"}],"wp:attachment":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media?parent=510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/categories?post=510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/tags?post=510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Exactly Happened?<\/h2>\n
The Rise<\/h3>\n
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The Collapse<\/h3>\n
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The damages<\/h3>\n
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The court proceedings<\/h2>\n
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The bankruptcy proceedings: a surprising turn<\/h2>\n
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Why Does This Matter?<\/h2>\n
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What did we learn?<\/h2>\n
1. \"Not your keys, not your coins\"<\/h3>\n
2. Regulation is necessary<\/h3>\n
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3. Proof-of-reserves is not enough<\/h3>\n
4. Due diligence failed at VCs too<\/h3>\n
The FTX Legacy<\/h2>\n
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Practical Tips<\/h2>\n
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In Conclusion<\/h2>\n
Sources<\/h2>\n
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