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Gungun Bhatia
Nov 12, 2022
by Gungun Bhatia

Buterin Breaks Silence on FTX, Claims Issue Deeper than Fees

Buterin FTX

Table of contents

  1. Views of Luna and Buterin
Vitalik Buterin, the developer of Ethereum, accused former FTX CEO Sam Bankman-Fried of moral posturing in his final remarks on Friday over the dramatic fall of FTX.

In contrast to previous failures, FTX and Bankman-Fried courted and gained the favor of legislators and authorities to improve cryptocurrency's reputation. However, the recent developments imply that the exchange was just as unreliable and maybe dishonest as other well-known failed cryptocurrency enterprises.

Views of Luna and Buterin

Luna and Buterin tweeted by stating that MtGox never made an effort to overtly discredit its shady appearance. Following the theft of thousands of bitcoin from its wallet, the Tokyo-based exchange Mt Gox collapsed in 2014. The Terra ecology was destroyed earlier this year when Luna collapsed.

Buterin noted on Twitter that FTX was the reverse and engaged in full-on virtue signaling. The second type of deception hurts harder than the first. The announcement of FTX's file for Chapter 11 bankruptcy protection and the resignation of Bankman-Fried as its CEO marked the end of a turbulent week for the cryptocurrency market.

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Cryptocurrency Vitalik Buterin FTX Sam Bankman-Fried
Buterin Breaks Silence on FTX, Claims Issue Deeper than Fees
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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