On the evening of November 24th, hosted by the world's leading cryptocurrency exchange CoinW and supported by Asia's leading blockchain consulting company Kryptos Media, the CoinW Vietnam offline meeting was successfully held. More than 120 users, including industry-leading experts, well-known VCs, and industry KOLs, attended the event.
The head of CoinW Vietnam market and CHI PHAN, a researcher of TIE, a well-known Vietnamese institution, DU NGUYEN, CEO and co-founder of The Data Nerd, an on-chain data analysis platform, and DAO TIEN PHONG, managing director of Investpush Legal, discussed the consequences of the collapse of the crypto market and the future of centralised exchange (CEX) In-depth discussions were held and f feedbacks on the direction of the crypto mark and fate of CEX.
After several leading institutions in the industry fell into crisis, the entire crypto market has been in deep panic. According to data from CoinW, on November 21, the price of Bitcoin fell below $16,000 again, with the lowest price falling to $15,517.24, the lowest price in two years. Stocks related to cryptocurrencies suffered heavy losses. Coinbase's stock price fell to $40.62 on the 21st, a record low since its listing in April 2021.
CHI PHAN, a researcher at TIE, a well-known Vietnamese institution, believes that the root cause of FTX’s thunderstorm is that its internal operations are not as perfect as other exchanges. The Data Nerd, which focuses on on-chain data analysis, was also invited to this private party. According to its CEO and co-founder DU NGUYEN, back in the days before Binance liquidated the FTT, The Data Nerd tracked the wallets of many large funds. Around the same time, Nerd discovered a large wallet ($580 million for Binance), and a series of events ensued that revealed an anomaly in FTT and a conflict between the two exchanges.
After the collapse of FTX, many cryptocurrency exchanges have made promises to improve transparency through "proof of reserves'', with the goal of ensuring that such incidents do not happen again. But DAO TIEN PHONG, managing director of Investpush Legal, said that platforms can act like a self-regulating and transparent participant through proof of reserves, without disclosing their true solvency. Exchanges need to demonstrate better asset transparency, enhance credibility and attract more users to CEX.
CoinW marketing director Kathering Nguyen pointed out that November is a cruel month for the crypto market, and a series of crisis have also caused users in the currency circle to distrust the security of CEX. As a veteran trading platform in the encryption field, CoinW always takes the protection of user funds as its top priority. This incident has not had any impact on CoinW or its users.
CoinW adheres to user safety as the center, adopts a strict coin listing review mechanism and bank-level risk control, and adheres to the management philosophy of compliant operation and transparent asset structure. Without explicit instructions from users, CoinW will never arbitrarily use depositors funds, and guarantee that users can withdraw funds at any time.
CoinW entered the Vietnamese market last year and established a localized trading service center in Vietnam. Together with an angel team composed of well-known Vietnamese KOLs. It provides Vietnamese users with convenient and safe cryptocurrency derivatives trading services. It is reported that this offline meeting is the first of a series of activities held in Vietnam.
In the future, a series of offline interactive activities will be held to provide Vietnamese users with a safe, fast and practical crypto trading platform. All users can enter the official community of CoinW Vietnam (https://t.me/coinw_vietnam) to keep abreast of relevant information and the latest developments of the platform.