Amidst the FTX drama, it is still not clear what contagion effects the collapse of the world’s second largest crypto exchange will have on the industry as a whole. In addition to numerous hedge funds that have already spoken out about their exposure to FTX and Alameda, several exchanges are currently in the spotlight. The crypto community is currently evolving into on-chain detectives who want to discover if and which crypto exchanges are also mishandling their customer funds, trading with them, and thus not holding enough reserves. If a bank run like the one on FTX were to happen, they would not be able to withstand it. Binance CEO CZ warned a few days ago, “If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away.” Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? With that in mind, the crypto community is currently focused on three crypto exchanges. As Glassnode’s lead on-chain ..
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