November 11th, 2022 will forever be remembered as the day, FTX, one of the world’s largest and most reputed cryptocurrency exchanges, filed for voluntary bankruptcy. Treading in the footsteps of Celsius, Voyager, and Three Arrows Capital, FTX is the latest in a series of collapses plaguing this bear market.
FTX and Almeda Research's fall continues reverberating through the cryptoshere and injects unprecedented volatility into the market. While the FTX fallout provides momentum for increased regulatory scrutiny it also offers stark lessons in risk management and financial oversight. In fact, the fall of the most prominent players underlines the risks associated with poor external and internal controls, weak corporate governance structure, and lax financial safeguards.
Therefore, in the wake of the recent crypto market collapse, it’s essential to understand how crypto businesses can create safe and robust crypto custody solutions. In this webinar, we break down the implications of the recent collapse and share insights on building robust compliance, risk management, and due diligence processes to prevent the next “FTX” crash.
Watch this episode of "Merkle Meets" where industry experts discuss a range of topics including:
- Implications of bankruptcy under Chapter 11 of the U.S. Bankruptcy code and what does this means for the customer funds
- What are Proof-of-Reserves and can they prevent another FTX-like collapse?
- Can Proof-of-Reserve assure public transparency and establish an exchange’s solvency?
- What internal and external controls should the crypto businesses put in place to build an effective corporate governance structure?
- Implementing robust financial reporting and record keeping requirements
- What’s next for crypto regulations in the wake of FTX collapse?