Signals and promises from exchanges (distinguishing public narratives vs. real incentives): Low-cost statements 'We are very safe' 'Funds are SAFU' 'Industry leader' These are not strong evidence—FTX shouted these the loudest before things went wrong. High-cost credible signals Real, frequent, and liability-covering proof of reserves; Regulated qualified custody; Legal accountability tied to management. Only promises with costs are trustworthy.