What happened here was not a mistake; it is not that they were hacked. They took several decisions to put at risk customer assets.
The crypto industry saw dark days over the past week. FTX, the former second-largest exchange in the world, crumbled. The fallout continues to ripple across the industry, with FTX-backed companies filing for bankruptcy, users filing for lawsuits, and regulators sharpening their claws.
In this context, we sat with Paolo Ardoino, Chief Technical Officer (CTO) for Tether and crypto exchange Bitfinex to get his opinion about recent events. Paolo joined us from El Salvador, the first country to make Bitcoin legal tender, a historical place for the nascent asset class.
Two major events in the industry’s history came together from