Opinion: Crypto exchanges keep failing, so why do we still trust Changpeng Zhao?


Since the early days of the industry, crypto has faced major blows at the hands of centralized actors — Mt. Gox, which handled 70% of global Bitcoin transactions, lost track of 25,000 Bitcoin (BTC) in 2011. The most recent debacle with FTX is only the latest iteration of a longstanding pattern within crypto. Just last year, we saw Terra implode and be written off as a Ponzi scheme. In the past, we’ve seen major exchanges unable to account for vast sums of user deposits, as was the case in 2018 with Canada-based exchange QuadrigaCX.

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