On November 11, 2022, the blockchain industry faced an unforgettable moment when FTX, a once $32 billion crypto exchange, and its over 100 affiliated entities filed for bankruptcy.

This development, concerning the third-largest cryptocurrency exchange with a user base exceeding one million, sent shockwaves through the market. FTX’s sudden insolvency and subsequent bankruptcy filing revealed that the exchange had an $8 billion hole in its accounts. BeInCrypto sheds light on the valuable lessons the industry has learned from the FTX collapse.

The Resilience of the Crypto Market

In the aftermath of FTX’s collapse, the crypto market faced a tumultuous period, witnessing major assets like Bitcoin and Solana plummeting to yearly lows. Initial skepticism painted a grim picture for the industry, suggesting a loss of investor confidence.

Fast forward a year, and the crypto market has not only weathered the storm but has thrived. Established financial institutions, such as BlackRock and PayPal, have enthusiastically entered the crypto arena with varying degrees of success. Notably, digital assets like Solana, rebounding from significant losses, are forging strategic partnerships to enhance their technological footprint.

Prominent crypto analyst Kaleo reflected on the turnaround:

“Bitcoin’s resurgence and bullish momentum across the crypto ecosystem a year after the FTX collapse is truly vindicating,” Kaleo said.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

This resurgence firmly underscores a pivotal lesson — crypto will inevitably play a crucial role in shaping the broader financial environment.

Not Your Keys, Not Your Tokens

FTX’s collapse imparted a vital lesson on self-custody within the crypto commu

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Author: Oluwapelumi Adejumo

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