After being taken by surprise by the whole FTX fiasco, Evan Luthra, a cryptocurrency investor and businessman, lost $2 million. He recently spoke out about what this means for the future cryptocurrency. Luthra also learned about the FTX crisis through Twitter, like many others. And,
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After being taken by surprise by the whole FTX fiasco, Evan Luthra, a cryptocurrency investor and businessman, lost $2 million. He recently spoke out about what this means for the future cryptocurrency.
Luthra says that he, like many others, learned about the FTX crisis via the micro-blogging website, Twitter. He lost over $2 million when he tried withdrawing his funds from the now bankrupt platform.
Read More: FTX Exchange Files For Bankruptcy
Luthra elaborated on his stance on FTX further by saying,
I trusted someone like FTX and gave them my bitcoin. They also requested my crypto to give me ‘IOUs. They scammed us and went under. This was a huge lesson for me and for everyone.
Luthra referred to Sam Bankman-Fried, crypto’s “bad actor”, and he hopes justice is done so that users can get their money back. He also stated that the judiciary must issue a benchmark decision regarding SBF and team to set an example for the industry.
Evan Still Believes in Crypto
The 27-year old has not been stopped from entering the space despite the failure of one of cryptocurrency’s largest exchange platforms.
Luthra stated that he has been buying crypto every day since he had the opportunity to do so and believes it to be a great time. He stated that the core ethos and fundamentals of bitcoin have remained unchanged and that the FTX scandal won’t have any impact on it long-term. Luthra stated that “So for me there’s a great chance to buy long-term, so I am purchasing more bitcoin.”
Luthra went on to state:
“You could have a car maker who cut corners and then defrauded industry. But that doesn’t make electric vehicles bad. It’s just like bitcoin, the fundamentals remain strong, and if bitcoin is in your hard wallet, you haven’t lost any money today.”
2022: A Not-So-Happening Year
Luthra tweeted that crypto had cost him 8 figures, but that he still wants to pursue new ventures, if and when they arise.
I have lost more money over the last few months than I have made in the first 23 of my life (I am 27).
These companies going under cost me USD $ in the mid-seven figures
1. FTX 2. Freeway3. YieldShare4. Celsius 5. UST / Luna6. Other Yield generators
Here are my lessons:
— EvanLuthra.eth (@EvanLuthra) November 9, 2022
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.