The co-founder of the world’s most important crypto and blockchain analysis firm has warned Australian investors to avoid trusting their funds to overseas based exchanges, saying the collapse of FTX had shown the importance of having local accountability if things go wrong.
Mr Levin was unable to comment directly on the FTX investigation because Chainalysis has been retained to track theChainalysis is also a creditor in the bankruptcy proceedings as FTX had been a customer. “And the lessons that will be learnt aren’t really about the underlying technology in any way. It’s really about the essence of their governance, operating procedures, segregating customer funds, all those things that are very well-known in traditional financial markets.”That the crypto industry is mimicking the faults of traditional finance, like the overleveraged assets that led to the demise of Lehman Brothers, means regulations for the industry are coming fast.
Chainalysis has confirmed that some of the funds stolen from FTX have moved to accounts linked to the Bahamas regulators, who were eager to ensure assets were not completely removed to the United States, where the bankruptcy proceedings have started. “But the reasons why people got involved in crypto this year has nothing to do with speculation – it had to do with NFTs or gaming or music or something completely different.”as people began experimenting with “tokenising” digital assets across different industries. Using blockchain-based technology, people were able to create digital things that could not be copied or replicated.
On-chain analysts have suggested that Alameda lost billions of dollars that were stored in cross-chain bridges.
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