Understanding what went wrong, how to protect your assets, and the need for customer rights on-chain with $JTC.
The past week has been absolutely heartbreaking for retail investors in crypto. While the cascading events began with the collapse of FTX, it continues almost daily with reports of other centralized exchanges and lending platforms going underwater — leaving thousands wondering if they will ever regain their assets. While a common Web3 adage “not your keys, not your coins” is usually restated following these events, many still become complacent or misunderstand the risk of investments going to zero.
Communicating such risks to those unfamiliar with the Web3 space is a delicate balancing act of not scaring people away from the benefits of crypto, while sharing the inherent risks of using a centralized exchange. While education on how to safely transact on-chain is at an all time high, regulation is still needed to protect investors — because almost none of us could have imagined this situation. Furthermore, since the overall crypto market cap has gone from a high of $3 trillion down to $831 billion as of today, it makes it feel less likely that regulators will rewrite consumer protection laws to better protect investors. https://www.coingecko.com/en/global-charts
A solution is needed now more than ever and our team is fighting to protect users’ rights on-chain and create a safer environment through $JTC. Earlier this summer we shared comments on the responsible development of digital assets and crypto consumer protection.
If $JTC was stored on an exchange, users wouldn’t hold physical custody of their assets; however the benefits of $JTC allow any parties transacting with the coin to freeze assets in the event of fraud or bad actors. Such properties of a coin could force exchanges to reconsider their investments of customer assets and encourage the proof of reserve model being suggested by experts in the space since $JTC could be frozen with a court order.
Like others, we will be following the aftermath of this FTX/CEX situation for the months to come. One of the ways we are looking to help those impacted by the FTX collapse would be in the form of getting users their $JTC back. Since the $JTC fork took place on January 8th, if a centralized exchange, such as FTX, were in the possession of your $BTC tokens during that time, they would have been airdropped your $JTC.
While we just came out of stealth mode, we are already seeing the demand for $JTC tick up each week. As demand increases, we are working on ways to help those that stored their $BTC on a centralized exchange, claim their $JTC using the Jurat wallet. To start, you can contact your exchange and request your $JTC, and if they are unresponsive we can help. If you were impacted by the events this week, we feel for you. Stay strong and take time to spend with family and friends. Things will always get better.
If you want to help with our mission, please join our community. You can do this through the Jurat Early Adopters Club here: https://jurat.io/early-adopters-club-2/ or by hopping in our Discord: https://discord.gg/aVuRMNS4pE
While the crypto winter may have just experienced another blizzard, we will keep building a product and platform for the days to come.