An Important Week For Crypto
concoda.substack.com
An Important Week For Crypto
The true extent of FTX's damage to crypto has yet to be uncovered
New dirt keeps emerging on the major crypto players. Here are a few “interesting” tidbits Concoda found doing some digging:
one of these exchanges’ “proof of reserves” is just an API call (from their api) to an auditor with an awful track record. They run billions of dollars and it's literally “trust me bro”. No audit. Nothing.
the former Genesis CEO, who used to work in asset-backed securitization, found it completely normal to use crypto as collateral for dollar loans
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