Ripple CTO believes FTX's collapse was due to 'incompetence' and 'fraud.'
But blockchain firm Ripple’s Chief Technology Officer, David Schwartz, weighed in on Sam Bankman-Fried’s sympathizers but also went on to detail what went wrong with the company.FTX customer fiat assets were left in Alameda accounts and used by Alameda.Alameda was supposed to be executing risk-managed, nearly delta-neutral strategies. Somehow, positions weren’t tracked, risks weren’t managed at all, and strategies were not at all delta-neutral.
While the exec does not want to believe that corruption may have taken place in FTX, he added that even “willful blindness” on the leadership of the bankrupt firm’s part is equally appalling. Schwartz contemplated that “bad luck” during a long bear market may cause a lot of crypto companies to shut shop. But that is not the case with FTX and its sister trading firm Alameda.But there are industry experts who do not share the same belief that Bankman-Fried may have committed a crime.
At a time when a major chunk of the crypto community has turned against Bankman-Fried, the television personality’s comments naturally attracted a significant backlash. The investor had recently stated that SBF should be treated as innocent until proven guilty. In yet another interview, O’LearyBut Ripple CTO David Schwartz is having a tough time cracking Mr. Wonderful’s take on the whole fiasco, especially after the latter reinstated faith in the Bankman-Fried’s trading prowess.
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