Sam Bankman-Fried, founder and CEO of crypto exchange FTX, published a blog post “Possible Digital Asset Industry Standards,” where he proposed a set of standards that would bring more clarity and provide better protection to crypto users. FTX Founder Proposes “5-5 Standard” to Protect Crypto Community from Exploits Bankman-Fried suggested what he called a “5-5 standard,” which would allow perpetrators to keep 5% or $5 million of the stolen amount, whichever is smaller, as long as the hackers followed a few conditions. Please consult our website policy prior to making financial decisions.įTX boss Sam Bankman-Fried recently proposed a framework for limiting the impact of exploits and scams that have been tormenting the crypto industry in recent years. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice.
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