The co-founder of Ethereum offered his thoughts on the FTX collapse, saying that we shouldn’t entirely place the blame for this catastrophe on the crypto industry.
The co-founder of Ethereum, the second-largest cryptocurrency project, is Vitalik Buterin. In addition to developing crypto code, he is well-known in the cryptocurrency community.
He is constantly prepared to speak on any critical or crucial issues that pertain to the industry as a responsible crypto leader.
On November 20, Vitalik Buterin expressed his personal viewpoint on the failure of FTX and its sibling organizations.
He stated that cryptocurrency and blockchain technology shouldn’t be blamed for such events because people, not technology, were to blame. According to Vitalik, the FTX Collapse has lessons for the entire cryptocurrency industry.
Also read, FTX Collapse: Interest in DeFi and Related Products Reignited — DeFi Chain Co-Founder
The co-founder of Ethereum acknowledged that the FTX collapse was the biggest tragedy in the cryptocurrency industry and noted that most members of the Ethereum community think it was caused by centralization because centralization by nature attracts attention to something dubious.
He stated that however, lots of people in the Ethereum community also see the scenario as confirmation of their long-held beliefs that anything centralized is automatically questionable.
Vitalik contends that such a digital economy needs to be powered by open-source software rather than by people.
Earlier, on November 19, Vitalik published a suggestion for the cryptocurrency exchanges to create an open-source code based on cryptography and blockchain technology that would be used by the crypto platforms to provide proof of user fund reserves.
Similar cryptocurrency exchanges like Binance and Coinbase are supporting Vitalik’s idea to create an open-source code for the same thing, making it accessible to all cryptocurrency businesses.
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