Ethereum inventor Vitalik Buterin scolds Sam Bankman-Fried and FTX

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The ignominious fall of Sam Bankman-Fried and FTX was inevitable, believes Ethereum co-founder Vitalik Buterin.

Sam Bankman-Fried & FTX: Vitalik Buterin joins in

Vitalik Buterin, co-founder of Ethereum and perhaps one of the most famous people in the crypto world, commented on the former CEO of FTX Sam Bankman-Fried. At a trade fair, the developer was asked about the businessman and the collapse of his FTX exchange.

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Speaking at the LaBitConf conference in Buenos Aires, Argentina, the man behind the second largest cryptocurrency said: The massive fall of FTX was inevitable due to its centralized nature.

When Buterin was asked about the fall of FTX and other cryptocurrency companies this year:

“This year we have seen a large number of things because they have a model that is fundamentally bad.”

FTX was once one of the most popular digital asset exchanges on the planet, but it folded this week after it was revealed that its prominent CEO owner, known in crypto circles as “SBF”, was using customer deposits to place risky bets. As a result, billions of dollars went up in smoke.

On Friday, SBF – once one of the richest men in crypto – filed for bankruptcy and saw his wealth drop from $16 billion to zero after his stock market crashed.

Buterin, citing the famous crypto ads scattered around San Francisco:

“There is confidence in a man walking around wearing a suit and calling himself a ‘Banker’.”

According to Buterin, people would be more interested in FTX marketing and “personal style” like “1930s dictators.” This is “the exact opposite of any crypto ethos”. Finally, projects should at least try to be decentralized.

Ethereum is the second largest cryptocurrency by market cap and runs on the Ethereum blockchain of the same name. As one of the founders, Buterin has a high recognition value. He himself has also been criticized for the cult of personality that surrounds him – such as Sam Bankman-Fried.

Other speakers at the event attacked Buterin after the Ethereum founder’s comments: Bitcoin developer Jimmy Song, for example, said that people would “trust Vitalik with their money” as well.

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