Vitalik says the problem lies in people not in crypto tech

The Ethereum co-founder shared his opinion on the downfall of the FTX exchange and noted that we should not blame crypto technology for all this incident.

Vitalik Buterin is co-founder of the second biggest crypto project Ethereum. Besides the role of crypto code developer, he is also a popular personality in the crypto world and always remains ready to talk on every serious & important matter of the crypto sector as a responsible crypto leader. 

On 20 November, Vitalik Buterin shared his personal opinion on the FTX & its sister companies’ downfall and noted that crypto & blockchain technology should not be criticised for such incidents because it was all about the fault of people, not technology. 

Vitalik said that FTX Collapse contains lessons for the whole crypto world. 

The Ethereum co-founder admitted that the FTX collapse was the biggest tragedy in the crypto sector and also added that the majority of the people in the Ethereum community believe that it was because of the centralisation because centralisation by default drags attention towards something suspect.

“That said, many in the Ethereum community also see the situation as a validation of things they believed in all along centralised anything is by default suspect.”

According to Vitalik, such a digital economy should run on open & transparent code instead of humans.

 Earlier, on 19 November, Vitalik shared a proposal for the crypto exchanges to develop a cryptographic & blockchain technology-based open source code to be implemented by the crypto platforms to show the proof of user’s fund reserves. 

Binance & Coinbase like crypto exchanges are helping Vitalik’s proposal to develop an open-source code for the same thing, to make it available for all the crypto companies to use.

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