The recent FTX crash is still affecting the crypto market. David Schwartz, Ripple’s CTO, has learned some important lessons from the FTX fiasco. Ripple CTO had earlier called Sam Bankman Fried (SBF), a terrible trader. Ripple CTO learns from FTX crash Ripple CTO mentioned in a Twitter thread that there is only one.
CoinGape’s first article, Investor Groups Allow FTX Scam to Grow, Claims Ripple CTO appeared on CoinGape.

  

The recent FTX crash is still affecting the crypto market. David Schwartz, Ripple’s CTO, has learned some important lessons from the FTX fiasco. Ripple CTO had earlier called Sam Bankman Fried (SBF), a terrible trader.
Ripple CTO takes lesson for FTX crash
Ripple CTO stated in a Twitter thread that there is one lesson that he believes this collapse will not teach him. He said that if someone holds billions of dollars from other people for a prolonged period of time, then the temptation to speculate with those funds becomes irresistible.
He suggests that if there aren’t enough verifiable checks, then nothing else will suffice. Ripple CTO stated that regulations and watchdogs that punish after the deed has been done won’t catch it earlier. Investors won’t be doing the analysis, either.
The most important lesson from the FTX crash was that temptation is irresistible. David Schwartz mentions that most people won’t learn from this fact.
This was done to make more money for investors.
He also said that expert investor groups with access to confidential information of the firms could not figure this out. They invested hundreds of millions of dollar in the FTX. This seems to be a deliberate attempt to punish FTX customers.
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This shows that they were too enticed by the profit motive. They gave money to the scam, allowing it to grow and attracting more people. Customers didn’t know what was going on behind them.
Coingape reported that an FTX Hacker was making a move to swap Ethereum for Bitcoin amid the crashing cryptocurrency market. According to data, the hacker moved ETH multiple times in batches of 15K. This has resulted in a drop in the price of ETH.

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