Due to the recent Sam Bankman Fried (SBF) FTX crash, global crypto markets are experiencing increased volatility and selling pressure. The former CEO of FTX seeks to raise recovery funds during the crisis. SBF’s trading method has been criticized by Ripple’s CTO. Ripple CTO Slams SBF David Schwartz in a Twitter Thread
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Due to the recent Sam Bankman Fried (SBF) FTX crash, global crypto markets are experiencing increased volatility and selling pressure. The former CEO of FTX seeks to raise recovery funds during the crisis. SBF has been criticized by Ripple’s CTO for its trading methods.
David Schwartz, Ripple’s CTO, mentioned in a thread that people refer to SBF as a “Great Trader”. During the huge bull run in crypto markets, every trader made good profit. This was also the time that SBF made money.
SBF’s trades exploded when the market fell. Ripple CTO suggested that he might have been taking a huge directional risk. He said that it is easy to fool others into believing that you are a great trader by taking small risks.
Ripple CTO stated that this works most of time and makes a regular profit. It is not a reverse lottery, however. There is a small chance that your customer will lose $16 billion.
SBF claimed that he lost track on how much leverage he had at the time and how much risk he was taking. Ripple CTO attacked Sam and stated that if that’s true, then SBF is a “Terrible Trader”.
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