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FTX, one of the top exchange companies in the market filed for bankruptcy. It came after customers attempted to withdraw billions of dollars at once, following a report about the company’s financial instability.

  • Josephine Wolff, associate professor of cybersecurity policy at the Fletcher School at Tufts University, explained that there should be more oversight of cryptocurrency to prevent a similar occurrence to the collapse of FTX from happening again.
  • The president’s executive order directing federal agents to find ways to regulate digital assets could cut down use of cryptocurrency for cybercrime, Wolff said.
  • Central bank digital currency would have very few benefits, according to Wolff, some of which would be the possibility of fewer fees, users could make faster transactions and it would be easier to move money internationally.
  • The federal government has started sanctioning cryptocurrency intermediaries that are beneficial to criminal actors as a way to address cryptocurrency crime, she said.

SEE ALSO | Government working to address extreme security threats from quantum computers

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