Key Takeaways
- Exchanges balances are lower by nearly 200,000 bitcoins compared to pre-FTX, as customers have lost all trust in exchanges
- This trumps the Celsius insolvency of June, where 128,000 bitcoins were pulled from exchanges in the month following Celsius demise
- Terra collapsed in May, but seeing as it was a DeFi protocol, trust in centralised entities had not yet broken at that point
- Only time will tell how bad the contagion from the FTX bankruptcy is
Trust in cryptocurrency exchanges is at an all-time low. It is not difficult to figure out why, as the collapse of FTX has sent shockwaves through the industry. As of less than a month ago, FTX was considered among the safest exchanges out there.
Customers pull bitcoins from …
Read the full article at: https://coinjournal.net/news/a-net-flow-of-200000-bitcoins-leaves-exchanges-following-ftx-collapse-as-trust-broken/