Vitalik Buterin Says FTX Debacle Has A Lesson For All

November 21, 2022

While admitting what happened with FTX was a tragedy, Ethereum founder thinks it has a lesson for all.

“Many in the Ethereum community also see the situation as a validation of things they believed in all along: centralized anything is by default suspect,” Buterin told Bloomberg.

“These beliefs also included putting one’s trust in “open and transparent code above individual humans,” he added.

FTX collapse is having a ripple effect on the entire cryptocurrency industry.

BlockFi, Gemini, Genesis have all been hit by the FTX fall out.

Buterin, like many others in crypto Twitter, has in recent days weighed in on how crypto exchanges could help shore up confidence in their businesses.

Buterin also said that crashes like Terra Luna are on the one hand necessary for the ecosystem, but he wished it happened when the firm was 10 times smaller.