Vitalik Buterin talked about the wrong things that are going on in the crypto sector because of the Sam Bankman-Fried (SBF).
Sam Bankman-Fried (SBF) is the founder & former CEO of the troubled FTX exchange. Due to mismanagement of the users’ funds, the FTX exchange collapsed badly during a very small controversy with Binance vs FTX exchange. FTX team filed for Bankruptcy under Chapter 11 and also all the services of this company were suspended for the customers.
Due to the downfall of the FTX exchange, the majority of crypto traders are failing to trust other crypto exchanges or companies. In short, the downfall of FTX is impacting the business of other leading companies. Even many other strong exchanges are in fear of facing situations more likely to FTX.
In the present time, the majority of the crypto exchanges are reporting their reserved fund’s details, to remain confident against the panic of their customers.
On 15 November, Vitalik Buterin, co-founder of the second biggest crypto project Ethereum, took to Twitter to share his personal opinion & suggestion for the crypto community & crypto traders over the cascade effect of the FTX liquidity crisis.
Vitalik said that everything which was believed & supported by the FTX founder SBF is downgraded but here we should figure out the wrong & good things.
The Ethereum co-founder tried to explain that we should think about this situation precisely, instead of taking action blindly. And we should support the good projects & Kick Out those projects/things which caused fraud.
The personal opinion shared by Vitalik on this current situation is showing that he believes that if crypto leaders & crypto investors will not take decisions with a perfect mentality then the situation will result in very big damage, more likely to the end of the second World War which will be irreversible.