FTX Downfall, Crypto Market in Danger

FTX's "first day declaration" in bankruptcy court affirms the picture that’s emerged over the last month

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FTX's downfall "will radically transform the crypto ecosystem, further shaking trust

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The firm's failure "has left a market share void that will prove difficult to fill without a renewed client interest in crypto assets

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Voluntary audits are suddenly in vogue again, with crypto exchanges scrambling, trying to stem a raft of outflows

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But even these have limitations in what they can prove

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The crypto industry was already facing a trust deficit. And this has set it back far

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