Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Sunday, June 16th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

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breakdown pod. Hello, friends. This weekend for our long read, we have a set of pieces.

I'm going to share an AI version of myself reading each one, and then I will have a little bit

of commentary.

And the first that we're going to do is called Stop Burning Investors, Crypto Needs,

proof of reserves.

It's by Noah Buxton, and it goes like this.

If you were holding crypto in November 2022, you likely remember the chaos of November 2nd and the

days that followed. Even casual observers were captivated by the unfolding drama of a massive

bankruptcy and one of the largest financial frauds in history. The collapse of FTX was a pivotal

moment in a year already marked by significant turmoil for crypto investors. The liquidity crisis

that began in June 2022 toppled many exchanges, lenders, and crypto investment funds that investors

had believed were built on solid foundations. Publicly traded companies like Voyager Digital and

well-funded ventures like BlockFi and Celsius Network

seemed secure but ultimately failed, revealing deep-seated vulnerabilities and leading to widespread contagion affecting millions of investors globally.

The industry did have a potential safeguard, proof of reserves, but it wasn't widely adopted or mandated, leaving the door open for such failures.

Moving forward, how can we prevent similar crises? In late 2021 and early 2022, leading industry

...