A Ripple executive says there is one important lesson from the meltdown of crypto exchange FTX that he “can say with total confidence will not be learned.” The executive added: “Regulation that punishes after the fact won’t catch it. Investor due diligence won’t either.”
One Lesson From FTX Collapse That Won’t Be Learned
The CTO of Ripple Labs, David Schwartz, shared his thoughts on the collapse of cryptocurrency exchange FTX in a series of tweets Monday. FTX filed for Chapter 11 bankruptcy on Nov. 11.
While noting that several lessons should be learned from the FTX fiasco, the Ripple executive said:
There’s one important lesson that is really pretty obvious in retrospect and that I can say with total confidence will not be learned.
He explained: “If you hold billions of dollars of other people’s money for indefinite time periods, the temptation to speculate with those funds is irresistible if there aren’t verifiable checks that make such risk-taking virtually imp
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