Is FTX Crash the End of Cryptocurrencies?

FTX’s failure exposed off-chain risks in crypto exchanges. Learn how blockchain survives, the need for regulation, and the future of cryptocurrencies.

41 minutes
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Bruno Biais - HEC Paris
Prof. Bruno Biais
Professor - Finance
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Key findings
  • FTX’s collapse stemmed from opaque off-chain use of customer funds, not blockchain failure.
  • Cryptocurrencies remain functional; on-chain systems like Bitcoin and Ethereum were unaffected.
  • Regulating off-chain activities—centralized exchanges, transparency, audits—is essential for trust.
  • Future adoption and innovation depend on robust regulation, proof of reserves, and risk management.

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Bruno Biais - HEC Paris
Meet the Author
Prof. Bruno Biais
Professor - Finance

Bruno Biais holds a Ph.D. in finance from HEC Paris, received the Paris Bourse dissertation award and the CNRS bronze medal. He taught at Toulouse, Carnegie Mellon, Oxford, and LSE. His research focuses on finance, contract theory and experimental economics. His latest research publications cover...

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