Centralized exchanges (CEX) must adopt transparency measures prevalent in decentralized finance (DeFi) to restore public trust, Tron founder Justin Sun said in a panel discussion at the Philippine Blockchain Week event on Tuesday. 

Investor confidence in the crypto industry has been deteriorating following the high-speed crash of the Bahamas-based cryptocurrency exchange FTX.com. 

The events led to CEXs scrambling to release proofs of reserves to ensure investors that their platforms have adequate funds to honor mass withdrawal requests, if necessary.

(by Zoltan Vardai, Joel Flynn and Jenny Ortiz)