FTX Downfall, Crypto Market in Danger

FTX's "first day declaration" in bankruptcy court affirms the picture that’s emerged over the last month

FTX's downfall "will radically transform the crypto ecosystem, further shaking trust

The firm's failure "has left a market share void that will prove difficult to fill without a renewed client interest in crypto assets

Voluntary audits are suddenly in vogue again, with crypto exchanges scrambling, trying to stem a raft of outflows

But even these have limitations in what they can prove

The crypto industry was already facing a trust deficit. And this has set it back far