Analysts say the prolonged “crypto winter,” in which the virtual asset market is frozen, will serve as an opportunity to overhaul virtual asset infrastructure and prepare regulations.
SK Securities said in a report on the 2nd, “Crypto winter is being prolonged due to a series of accidents,” adding, “In particular, the FTX incident has a significant impact on the industry as it is talked about as a virtual asset industry’s ‘Limon incident’.”
On the same day, Choi Min-kyung, a researcher at SK Securities, said, “The collapse of the large centralized exchange (CEX) seriously hurt reliability, while providing an opportunity to check soundness and strengthen risk management for the remaining market participants.”
According to SK Securities, after the exchanges announced the proof of reserves, Binance requested financial verification from the accounting firm Mazar the previous day. In the DiFi community, Compound is also reducing its own risks by lowering its loan limit and MakerDao withholding its bond investment plan.
SK Securities also said on the 30th of last month that market maker Kirok still has expectations for virtual asset infrastructure, with more cases of combining virtual assets and blockchain technologies in entertainment and distribution in addition to $72 million series B investment attraction financial transactions.