PRAGUE — Adam Back, the cryptographer and CEO of Bitcoin infrastructure firm Blockstream, delivered a stark warning at the $BTC Prague 2026 conference on Thursday, arguing that the cryptocurrency industry continues to repeat the same structural custody failures that led to the collapses of FTX and Mt. Gox.

Back, a well-known figure in the Bitcoin community and a cypherpunk pioneer, stated that the core problem lies in exchanges simultaneously holding customer assets and conducting trades — a conflict of interest that has repeatedly proven disastrous. He emphasized that the industry has not learned from past mistakes and that regulatory and operational reforms remain insufficient.

The Structural Flaw Behind Two Major Collapses

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