JETT CRYPTO

Customer assets are pooled and reused, lent, posted as collateral, or traded, so the same units back more than one obligation at once.

Yang perlu dilihat: Read the custody and yield terms for language granting the venue the right to use, lend, or pledge assets. Ask whether balances are held in named or omnibus wallets and whether any regulator requires segregation for that entity. On-chain, look for regular movement between exchange-labeled addresses and affiliate or lender addresses, and check whether any proof-of-reserves exercise covers liabilities and was performed by an independent party.

One custodian, one signing arrangement, or one operations team stands between holders and their assets, so a single failure can be terminal.

Yang perlu dilihat: Establish who can sign, in what quorum, under what recovery procedure, and whether any independent party has tested the key ceremony and the disaster recovery plan. Check whether the custodian is a regulated trust company or similar, what its financial statements show, and whether it discloses subcustodians. Read the insurance policy's scope rather than the headline figure, since cause and wallet type limitations do most of the work.

A venue holding customer assets fails, and the balance shown in the account becomes a claim in a bankruptcy rather than an asset the customer controls.

Yang perlu dilihat: Read the terms of service on title, segregation, and what happens in insolvency, since the language is usually explicit once found. Check whether the venue publishes proof of reserves, whether that exercise includes liabilities, and who performed it. Withdrawal processing times during past stress, published financial statements if any, and the licensing regime that governs client money are all observable before the fact.

Self-custody puts the holder in charge of a secret that cannot be reset, so losing it or destroying the only backup is permanent.

Yang perlu dilihat: On-chain dormancy metrics show how much supply has not moved in many years, part of which is generally understood to be permanently inaccessible. For an individual arrangement, the testable facts are whether a restore has actually been performed from the backup, whether backups are geographically separated, whether any passphrase is recorded separately, and whether an inheritance procedure exists in writing. Wallet software support for the specific token standard and chain is also checkable in advance.

Attackers take assets by persuading holders to sign a transaction or reveal a secret, without breaking any cryptography or contract.

Yang perlu dilihat: Review outstanding token approvals with an allowance viewer, since standing approvals are the main mechanism and are visible on-chain. Check whether the wallet decodes calldata into a plain-language action and whether the project pins its front end to a content hash or serves it from a decentralized host. Domain hijacks, dependency compromises, and support-impersonation waves are usually documented publicly by the projects affected.

Historical series are recomputed, backfilled, and corrected over time, so a chart today may not match the same chart pulled last month.

Yang perlu dilihat: Check whether the provider publishes a changelog, versions its methodology, or timestamps revisions, since most do not. Snapshot any series you rely on, store it, and re-pull it later to measure whether history moved. Step changes that align with a methodology note or a code commit rather than an on-chain event are the clearest sign that a revision, not an activity change, produced the shape.

Circulating supply is often a number supplied by the project, computed under rules that differ between data providers and can change without notice.

Yang perlu dilihat: Reconstruct supply from the token contract itself, subtracting balances in vesting contracts, identified treasury addresses, and burn addresses, then compare that with the provider's published figure. Read the provider's methodology document and its revision history, and check whether bridged or wrapped versions are double counted. Where a project publishes its own supply dashboard, compare it with the on-chain reconstruction rather than accepting it.

Digital asset markets trade without pause, so a move that equities would spread across sessions and halts can complete in minutes with nothing interrupting it.

Yang perlu dilihat: Compare depth and spread during weekend and overnight hours against weekday peaks on the same venue, and look at the largest observed short-interval ranges rather than at daily candles. Cross-venue price divergence during past stress windows is observable and shows where arbitrage stopped functioning. Read each venue's published policy on halts and on cancelling trades, since practice varies and some venues have unwound executions after the fact.

Assets that behave differently in calm markets tend to move together in stress, so apparent variety within digital assets narrows exactly when it matters.

Yang perlu dilihat: Measure rolling correlations across regimes rather than reading a single long-run average, and look specifically at correlation during the largest historical drawdowns. Map shared infrastructure: overlapping market makers, shared lenders, shared collateral, and common venues. Where a token claims independence from broader conditions, check whether the historical record shows it decoupling during actual stress windows rather than during quiet periods.

Most trading, price discovery, and often custody for an asset sit at one or two venues, so a venue's problem immediately becomes the asset's problem.

Yang perlu dilihat: Look at volume share by venue after filtering, at which venues feed the relevant index or oracle, and at whether the asset trades meaningfully in more than one regulatory jurisdiction. On-chain balances at exchange-labeled addresses show how much supply is custodied where, though labeling is heuristic and should be treated as approximate. Historical outages, withdrawal pauses, and maintenance windows at the dominant venue are documented in its own announcements.

Leveraged positions are force-closed automatically, and the resulting market orders trigger further force-closures in a self-reinforcing sequence.

Yang perlu dilihat: Compare open interest against spot order-book depth, since the ratio indicates how much forced flow a market may have to absorb. Funding rates at persistent extremes indicate crowded positioning, and aggregate liquidation prints show what actually cleared. Insurance fund balances, their drawdown history, and any past use of auto-deleveraging are published by major derivatives venues, and on-chain lending markets publish liquidation thresholds and the value sitting near them.

A large market capitalization can rest on a small amount of genuine order-book depth, so modest selling moves the price much further than the headline implies.

Yang perlu dilihat: Measure bid and ask depth within one and two percent of the mid price on the venues that actually matter, and estimate realized slippage for a defined order size rather than reading a volume number. Compare market capitalization against genuine daily volume, and check how much supply has never moved, since dormant supply is neither pressure nor depth. Watch whether depth persists at night and on weekends or is posted only during active hours.

Reported trading volume can include trades where the same party stands on both sides, making an asset or a venue look more liquid than it is.

Yang perlu dilihat: Cross-check volume against order-book depth and against settlement observed on-chain, since real flow generally leaves traces in deposits, withdrawals, and transfers. Examine trade size distributions for unnatural regularity, spreads that are implausibly tight for the stated volume, and fee schedules that reward volume directly. Note which venues a data provider includes in its filtered or trusted volume metric, and how much of the total disappears when the filter is applied.

A venue can remove an asset for regulatory, compliance, or commercial reasons, cutting its liquidity and its fiat gateway in that market.

Yang perlu dilihat: Track listing status by venue and region over time, and read the venues' own delisting notices, which usually state a reason and a timetable. After a removal, look at the share of remaining filtered volume and at whether depth actually migrated or simply disappeared. Check whether regulated custodians still support the asset, since custody support often precedes and outlasts trading support.

Whether a token is treated as a security, a commodity, or something else remains unresolved in several jurisdictions, and the answer changes who may list or hold it.

Yang perlu dilihat: Check whether the asset has been named in enforcement filings, registration statements, or approved regulated products, and how regulated venues and custodians in each jurisdiction actually treat it. Look at whether an identifiable issuing entity exists and continues to fund development, since a live promoter is central to most tests. Exchange listing terms and product disclosures often state the venue's own classification assumption in plain language.

How staking rewards, forks, airdrops, wrapping, and lending are taxed varies by jurisdiction and is unsettled in places, creating liabilities that surprise holders.

Yang perlu dilihat: Read the specific published guidance for the relevant jurisdiction and note exactly which events it addresses and which it leaves open. Check whether venues and custodians issue tax statements and what basis method they apply, and whether the protocol produces per-epoch records adequate to reconstruct reward timing. On-chain data will usually support reconstruction, but only if reward accrual and claims are separately observable.

A trading venue may operate without licenses that would apply to a comparable regulated market, so customer protections differ from what the interface implies.

Yang perlu dilihat: Read which licenses the venue actually names, in which jurisdiction, and for which activity, then check whether client assets are segregated by rule or only by promise in the terms. Look for an independent auditor, a published market-surveillance policy, and whether the terms permit the venue or its affiliates to trade against customers. Enforcement actions and regulator warning lists are public and specific.