November 16, 2022

Lessons after FTX collapse

By Axon Trade CEO Serg Gulko

With FTX collapse, you might notice a growing number of voices that DEFI is a solution. It is not. You’ll replace one risk with another.

A balanced approach – that’s the answer.

  • Never put all eggs into a single basket.
  • Rule of thumb on reducing risks with crypto – check for interconnections. By trading on FTX using the money you borrow on BlockFi you expose yourself to potential chain effects.
  • If you don’t have the time/money/willpower to do proper due diligence, one of the solutions is to use brokers (I never thought I’d say something like that…) instead of direct market access.
  • But if you do have time, resources, and willpower to invest in robust trading infrastructure that helps you to diversify and manage risks – consider using Axon Trade OEMS.

Do not lock yourself with other FTXs.