#FTX赔付
The bankruptcy compensation plan of the cryptocurrency exchange FTX has sparked controversy, reflecting the systemic risks in the crypto market. The core dispute lies in the compensation standards: should it be settled based on the fiat value at the time of bankruptcy, or should users receive the original assets they held? The former ensures immediate liquidity but ignores the volatility of crypto assets, potentially harming the rights of creditors; the latter faces risks related to token ownership and market manipulation.
The compensation plan is essentially a compromise between legal principles and market realities, exposing the drawbacks of asset commingling in centralized exchanges. The FTX incident warns investors: platforms that lack transparent custody mechanisms and claim to be "pseudo-decentralized" are still high-risk financial intermediaries at their core. Rebuilding trust in the industry requires breakthroughs in infrastructure such as asset isolation and real-time auditing, rather than empty discussions of technological utopias. Regulatory intervention must find a balance between investor protection and space for innovation.
