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The world of cryptocurrencies has been amid significant criticism and controversy due to the collapse of the FTX exchange platform, for which Bankman-Fried is considered the minor of the crypto cartel, despite having stated that he did not know about the mismanagement of his organization. However, this statement is yet to be confirmed. practice for financial backers to increase the Bitcoin Security
After his deprivation of liberty in the Bahamas, carried out by organizations in charge of this mission, criticism and discussion increased regarding the risks that can be suffered by being part of the cryptographic world, where the crypto environment is entirely judged by the fraud of Bankman, which is illogical to widely blame the cryptocurrency industry for the mismanagement of a single person.
The statements of the CEO of FTX
The FTX platform is an organization that managed to have a market capitalization of more than 2 million dollars, which makes it a space where the ambition of its entire team is its excellent engine, giving way to situations such as the one presented with its founder.
In a hearing between Congressman Brad Sherman and the FTX financial committee, he points out that he sees no differences between the attitude and administration between Bankman and the rest of the organization’s members, assuring that they all have the same intentions to commit fraud.
The congressman also stressed that the strategy used by the Sam Bankman-Fried class business people is a deception for cryptocurrency users, who are convinced that the crypto market is risk-free, in which digital currencies can be purchased. And then sell them at exorbitant prices.
Not everything is negative in the crypto world.
During the same hearing, Congressman Tom Emmer indicated that all the negative repercussions of the failure of the FTX platform must be individualized from the crypto industry since not the entire system favors fraud.
Thanks to the unalterable quality of the blockchain technology, it was possible for the users of the FTX platform to become aware of the irregularities due to mismanagement, which contributed to dismantling the frauds carried out because it is a public warehouse sire of great advantage for the investigations of competent entities and to avoid possible crimes.
This circumstance must be seen and adopted for what it is, a consequence of the mismanagement of an organization that ended up as a crime, not as a fraud or a malfunction of the technology.
It is gratifying to see how, over the days and with the great effort by researchers to link the blockchain and cryptocurrencies in general with the bad decisions of Sam Bankman-Fried, a lot of evidence has emerged in favor of crypto public environments that implement the technology blockchain which promotes the idea of the authorities to combat and primarily prevents money laundering.
Frauds and bankruptcies still do not entirely displace cryptocurrencies
The United States Senate, despite the various controversies and bad fame surrounding cryptocurrencies, still issues a trim level of support for cryptocurrencies, especially regarding the importance and position of Bitcoin, which is being revalued to reach its value Maximum established last year, where it exceeded 50 thousand dollars per unit.
Congresswoman Lummi expressed that she considers it advantageous to invest retirement assets in Bitcoin, regardless of the downward trend it suffers, since she trusts that it will rise in a short time due to its low circulation in the market, which makes it into a desired crypto asset causing it to grow.
Conclusion
It is a crucial moment for the crypto market; due to the circumstances that have caused discredit and a lot of distrust in cryptocurrencies, the current fall of the FTX platform has negatively revolutionized the crypto market.
It is very selfish to generalize and judge an entire crypto ecosystem by the bad ethics of one particular person because not all of the crypto environment has been shown to behave in the same way as the Sam Bankman-Fried organization and management.
According to many analysts and experts, the future of cryptocurrencies is promising, and they ensure that investments with digital currencies may be the most profitable in medium time intervals, regardless of the risks that may arise.
The most important thing is that cryptocurrencies worldwide still enjoy great demand and implementation in all businesses, being favored by the advantages they offer.
More and more people are interested in knowing how this new digital economic strategy works and being part of it. More information enters the Bitcoin-Prime trading system