Crypto: Kraken's Jesse Powelle slammed Sam Bankman-Fried sharply

The FTX cryptocurrency exchange recently went bankrupt, after a series of spectacular losses recorded since last Monday. The platform had to file for bankruptcy under chapter 11 of the bankruptcy law in the United States. Even though new projects continue to emerge, the crypto industry is still in shock. Moreover, many believe that this affair had a more considerable negative impact than the bankruptcy of Terra. Jesse Powell, CEO of Kraken, recently spoke on the subject.

The damage caused by FTX’s bankruptcy is enormous!

The CEO of the Kraken exchange did a Twitter post on November 10 to address the impact of FTX’s bankruptcy on the entire crypto industry. Jesse Powell believes that the crypto industry will take several years to successfully undo the damage caused by FTX’s bankruptcy.

He explained : “The damage here is enormous. A stock market implosion of this magnitude is a gift to bitcoin critics around the world. It’s the excuse they’ve been waiting for to justify whatever attack they kept in their back pocket. We will work to undo this for the next few years“.

Jesse Powell’s post

Furthermore, the CEO of Kraken presented signs that had indicated that one could not trust FTX. According to him, the first sign is that Sam Bankman-Fried acted as if he knew everything when he “presented in combat 8 ​​years late“. Then there’s the fact that he bought political favors and did “massive ego purchases, like 9-figure sports contracts“.

Jesse Powell talks about the responsibility of regulators

Jesse Powell believes that U.S. lawmakers and regulators have their share of responsibility in what happened. According to him, they havepushed this activity abroad“by refusing to deploy an appropriate regulatory system”allowing these services to be offered in a supervised manner“.

Law enforcement wrongly focuses on good on-shore playersPowell lamented. He emphasized:We all have a responsibility to humanity to protect crypto and deliver it, untampered, to the masses“.

The CEO of Kraken concluded his explanation by stating that he hopes the bankruptcy of FTX will not turn investors away from the crypto sector. He added : “These are growing pains. Money can be made again. Stay with me“.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Tremplin.io!

Similar Posts