Is FTX solely responsible for the financial platform's funds being wiped out?

The Taiwanese cryptocurrency fund management platform Steaker announced that due to FTX's bankruptcy restructuring, user funds were damaged by $10.67 million. They stated that they will seek legal sanctions against FTX. Despite offering some compensation plans, the user community still has significant backlash against the way the company assigns responsibility. Steaker is not the only platform affected, as many fund management platforms have caused harm to users. Due to the lack of transparency in the target assets and timing of operations, users find it difficult to verify if FTX is solely responsible.

Taiwanese cryptocurrency influencer Woody questioned this phenomenon: "If it's all on FTX, I believe they should bear at least 70% of the responsibility." Note: Woody's statement does not refer to any specific Taiwanese platform. The mention of the company in the text is for descriptive purposes only and is unrelated to Woody's comments.

No Risk Management Responsibility?

Taiwanese cryptocurrency influencer Woody stated that two Taiwanese arbitrage funds incurred user fund losses due to FTX. Although the amount of loss was not significant, the difference in handling was substantial.

He believes that the key difference lies in whether or not to admit mistakes.

One company admits its short-term inability to repay but is willing to repay when capable, showing sincerity even if investors are dissatisfied; while the other company does not admit fault, shifts the blame to FTX, initially claiming no issues, but eventually users cannot recover their funds. Despite having the money, they do not intend to make any moral payments. Comparing these two approaches, which one is better is worth considering.

Risk Responsibility of Arbitrage Funds

Taiwanese cryptocurrency influencer Woody mentioned that a normal arbitrage fund would diversify risks by conducting cross-exchange arbitrage on major exchanges or even on-chain arbitrage. For an arbitrage fund, allocating 30% of the position to FTX should be the limit.

"If all positions are placed on FTX, I believe at least 70% of the responsibility should be borne." Woody stated

Woody's Ethical Advice

Woody concluded by saying, "I must admit that you are all much smarter than me and still very young. If you can bear it, bear it. There will be plenty of opportunities in the future, and you all have information advantages within the circle. It won't be difficult to earn more in the future. Retail investors may lose everything, after all, it is written as capital guaranteed, and reputation is also very important."

Mysterious Cryptocurrency Financial Products

When users choose a certain cryptocurrency financial product, does it explicitly explain the investment targets and responsibility attribution? If it does not disclose the investment targets or platforms used, only stating fixed returns, should the financial platform bear third-party risk responsibility? These are aspects that operators should carefully consider when developing products and where users should be more vigilant.

Referring to the regulations of the investment prospectus formulated by the Taiwan Financial Supervisory Commission, although the Financial Supervisory Commission states that cryptocurrency is beyond its regulatory scope:

"The basic principles for preparing the prospectus and simplified prospectus are as follows:
1. The content should be clear and easy to understand, without falsehood, concealment, deficiency, or other misleading information.
2. The content should be timely. Any transactions or other events that occur before printing and are sufficient to affect the beneficiary's judgment should be disclosed collectively."

Looking back at the products introduced by cryptocurrency operators, have they fulfilled the basic information disclosure requirements?