From May 7th through November 11th, we have watched with dismay and horror as firms, once thought of as digital asset pioneers and leaders, have descended into catastrophic collapse. Luna, BlockFi, Celsius, Voyager, Three Arrows, FTX.
In their wake, millions of customers are left with worthless claims. Many have had their savings wiped out. Still viable businesses are left teetering. More layoffs are announced daily. Those of us still standing, who believe in the potential of digital assets and have been playing by the rules, are angry at the recklessness, the ignorance and the greed that led to these collapses. No doubt all of us in the industry are processing these events and are devastated.
The Global DCA believes that this dark moment presents an enormous opportunity for firms to come together and agree on a certain set of fundamental core principles. Principles that establish business practices that at their core seek to avoid, or at least mitigate, the occurrence of business failures that impact customers and the financial market at large.
Interested firms can get in touch with us via emailing firstname.lastname@example.org
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