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The real reason why the FTX failure hits so hard is not because the crypto industry was duped, but because it proved that the industry was vulnerable to being duped.
In the wake of the downfall of Sam Bankman-Fried’s FTX exchange, crypto traders are increasingly turning toward decentralized-finance (DeFi) protocols – as Ethereum tokens flow off big centralized crypto exchanges like Binance and OKX.
Individuals and institutions should carefully consider their tax obligations and, in the absence of official guidance, consult tax professionals or take the most conservative approach to avoid costly future audits.