It seems that MicroStrategy’s Michael Saylor addresses FTX and the failure of FTT. He is making an important comparison with Bitcoin. Check out what he has to say below.
Michael Saylor on Bitcoin
Here’s the tweet that he shared on social media below.
The failure of FTX & FTT represents the collapse of a corrupt crypto-bank fueled by an inflationary fiat crypto-currency. #Bitcoin is an incorruptible, deflationary asset and ethical network offering property rights & freedom to billions of people.
pic.twitter.com/TRTOYadL4Y— Michael Saylor⚡️ (@saylor) November 14, 2022
A lot of fuss has been created online following the latest events that involve FTX.
Coinbase CEO addresses the FTX disaster
The backlash of the FTX fallout is making the Coinbase CEO address some important things as well. Here’s what Brian Armstrong had to say about what happened.
Armstrong addressed the collapse of crypto exchange FTX. He said that the firm’s CEO, Sam Bankman-Fried, probably committed some form of fraud during the ordeal.
In a new interview on the All-In Podcast, Armstrong says he spoke to both Bankman-Fried and Binance CEO Changpeng Zhao (CZ), who briefly wanted to buy FTX.
“I spoke to Sam about – he was trying to raise emergency financing and things like that, and I spoke to CZ about why he was considering buying the [exchange], I thought it was a bad idea. But my understanding of what happened at this point is… FTX was in a position where they had this market maker, Alameda [Research], that was investing in risky things, and that’s fine.”
He continued and explained the following:
“Market makers, hedge funds, they’re designed to take more risks. It appears that at this point back during the last shake-up in the crypto industry where Terra (LUNA) and Voyager and Celsius and Three Arrows [Capital] went under, it appears that Alameda took a big loss at that time as well.”
