A failed deal between Binance, the world’s largest crypto exchange and FTX has led to a major collapse of the crypto market. However, Jesse Powell, CEO of Kraken Exchange has stated crucial points which have led to this debacle.
Powell highlights SBF, FTX mistakes
In a long Twitter post, Powell stated that the industry is filled with many smart and passionate people. The collapse of FTX is a massive setback for them. However, it is time to raise our standards.
Powell highlighted the vital Red flags that Sam Bankman-Fried (SBF) and FTX could have avoided. He stated that acting like you know everything and that too after entering battle after 8 years.
He alleged SBF paid in 9 figures to buy political favors over time. While being overeager to please the DC has cost them this crisis. FTX as an exchange made a huge ego purchase which includes major SuperBowl and sports deals.
Powell added this is not just about aiming high and missing. It is also about being reckless, greedy, hubris and
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