Menu
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
Language:

Coin Prologue
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
  • News

Ripple CTO Says One Important Lesson From FTX Meltdown ‘Will Not Be Learned’

  • Ralph Smith
  • 24/11/2022
  • 2 minute read
Total
0
Shares
0
0
0
0
0
0

Ripple CTO Says One Important Lesson From FTX Meltdown 'Will Not Be Learned'

He said there are important lessons to be learned. The meltdown of cryptocurrency exchange FTX, which he “can say with complete confidence,” will not be learned. Neither does investor due diligence.

His One Lesson Not Learned from the FTX Collapse

David Schwartz, his CTO at Ripple Labs, said in a series of tweets that cryptocurrency exchange FTX shared their thoughts on the collapse of Monday. FTX filed for Chapter 11 bankruptcy on November 11th.

While noting that some lessons should be learned from the FTX debacle, a Ripple executive said:

Key lessons learned he has one Very obvious in retrospect and can be said with complete confidence.

He explained: Virtually impossible and nothing else is good enough.

Schwartz emphasizes: Neither does investor due diligence. Of course a lot of people would say it could and most likely happened, but they say it’s sowing the seeds of FUD and disrupting the system that makes people money.

“This kind of thing happens all the time, unless it never happens,” he stressed. “The temptation is irresistible. This is one of the most important lessons of FTX. But most people actively choose not to learn this lesson, especially because there are elephants in the room.

FTX is currently being investigated by many authorities around the world. In the United States, the Department of Justice (DOJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) are investigating exchanges for mishandling customer funds and other charges. The Turkish financial intelligence agency has also launched an investigation into his FTX, and the Bahamian securities regulator is trying to seize his FTX cryptocurrency.

Ripple Labs is currently engaged in a lengthy litigation with the SEC. Securities regulators have sued the company, CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale ofXRP, arguing that crypto tokens are a security. Garlinghouse said he expects an answer in the first half of 2023. Ripple’s CEO recently said that the crypto industry will be stronger after the FTX debacle if it continues to focus on transparency and trust.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Coins: Ripple
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

You May Also Like
View Post
  • 1
  • 2 min

Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

View Post
  • 3
  • 2 min

Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

View Post
  • 2 min

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

View Post
  • 2 min

White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

View Post
  • 2 min

Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

View Post
  • 2 min

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Recent Posts
  • Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

    View Post
  • Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

    View Post
  • Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

    View Post
  • White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

    View Post
Coin Prologue Coin Prologue
Made with ❤️Love in 🇺🇦Ukraine ©2021 — 2022

Input your search keywords and press Enter.