Who’s to blame for FTX, future cryptocurrency failings?
As the crypto world reels from the FTX currency exchange's bankruptcy, how can the industry protect the cryptocurrency market?
ABU DHABI — Amid the aftershocks of the FTX currency exchange's bankruptcy last week, investors and economists are trying to figure out where they should point to for what Reuters called the “at least $1 billion” loss of client funds that have put into question the viability of the cryptocurrency market.
Is it the fault of the quick-to-rise crypto exchanges that offer potentially high asset gains but inadequate security? Or are regulators to blame? Is the technology that supports the crypto market flawed to begin with?
These were some of the questions brought up at Abu Dhabi Finance Week, which wrapped up today and earlier in the week saw Binance CEO Changpeng Zhao taking heat from audience members and speakers about the future of crypto.
The CEO of the largest infrastructure provider in the global $1 trillion crypto industry assured audiences that crypto will be fine and doesn’t need saving. Yet event speakers such as outspoken Atlas Capital chief economist Nouriel Roubini described Zhao and the greater crypto industry as “concealed, corrupt, crooks, criminals, conmen” and more.
