Though FTX’s collapse doesn’t speak to the core technology behind any specific cryptocurrency, it has and will damage trust in the entire industry. Specifically, it will raise questions around the power of centralized platforms – like FTX, Binance, Kraken and Coinbase – that “custody” user funds rather than leave them in users’ own crypto wallets.
Why Is Crypto Tanking: The FTX-Binance Drama Explained
