Fallstudier
FTX: reputation is not proof of reserves
FTX was seen as one of the most professional exchanges until November 2022, when customer funds turned out to have covered an affiliated trading firm's losses.
The structure
Alongside the exchange sat Alameda Research, deeply intertwined in people and systems.
Customer funds were routed to Alameda for its own positions; on paper the exchange looked solvent.
Why nobody saw it
There was no independent verification of liabilities against reserves; outsiders looked at growth and investors.
The exchange's own token served as collateral, so reported backing depended on a price it influenced.
- Intertwined exchange and trading firm
- Own token as collateral
- No independent reserve verification
What the industry learned
Proof of reserves became a standard question, ideally verified externally.
In the EU, MiCA adds requirements on segregation and governance.
Practical conclusion
Keep only trading balances on an exchange and move the rest to self-custody.
Judge platforms on verifiable facts: licence, segregation, reserve proof and whether an own token backs anything.
Vanliga frågor
What exactly happened at FTX?
Exchange customer funds were used by affiliated trading firm Alameda and were missing when withdrawals surged.
Does a licence prevent this?
It lowers risk through segregation and reporting rules, but self-custody remains the strongest protection.
What is proof of reserves?
A periodic, ideally externally verified comparison of platform assets against customer liabilities.
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