The ftx founder has been found guilty of fraud in the exchange and the verdict has been delivered by the jury after the discussion. Ftx was known as one of the biggest exchanges and this type of fraud is a big damage to the Crypto community worldwide. We believe that exchanges are not reliable and it is always recommended to keep our crypto holding with us using the hardware or decentralised wallets. This is all because the founder of exchanges can do anything just for their benefit and they are not bothered if this can turn out to be a loss-making situation for their users.
This is not a straightforward statement and there can be a situation in which some exchanges are doing well but it can be difficult for us to define the difference between exchanges like ftx or some others. As a user how would we come to know that the exchange is reliable or not?
The native token for the ftx was also doing pretty well in the market. I can say that I was lucky enough that I did not buy it because I was planning to do this and before I could execute the buyer transaction this blender happened. This was the time when some exchange coins were doing pretty well including the finance. The bnb rally was significant at that time and it was the time when the market was also in a good situation. It happens in the market when something is doing pretty well then people try to grab it considering it with the hope that it will do even better. I had purchased some BNB coins also that time. By the time I could invest in ftx coin, it crashed and I was lucky because I delayed the buy because of some busy schedule at work.
"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history - a multibillion-dollar scheme designed to make him the king of crypto," US attorney Damian Williams said in a statement after the verdict.
I believe that sometimes a delay can also be a good situation and I have gone through the same which makes me believe more in this. Now I have a hardware wallet that I use to keep self-custody of my crypto. We all know that if we cannot own the key then we can't say it is our crypto because the control is in someone else's hand and you never know when things will change. It was unbelievable and not at all expected that an exchange like FTX could do something like this in the market but it has happened. Believer not anything in this market can happen and something that you never expect is also possible.
It's good that the FTX founder has been found guilty and he deserves to be punished because he is the man behind all these fraudulent activities which has caused bigger monetary losses for so many people. I hope this kind of fraud never happens in this market but nothing is guaranteed and it is the same thing as we expect no hack in this market which is close to impossible and that too at least in the current technological environment. Undoubtedly the exchanges are using highly advanced technology and they follow all the high standard protocols to safeguard their platforms but still, they had to deal with some hacks because the hackers are even more advanced and they use next-gen technology.
Thank you
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Everyone wants to be rich, it doesn’t even matter how they become so these days😢
There is nothing wrong in becoming rich but taking such steps are very bad because so many people got affected.
So it means a life sentence?
Not confirmed yet but hopefully soon.
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do own reasearch before investing in any platform, yes you are correct, fraudsters are just advance level, they know how to fool users.... @alokkumar121 i always like the way you discuss the topic of finance...
Appreciate your encouraging words Gargi
This is what everyone is afraid of, as we do not know when the platform owner will become a fraud, so I support the necessary measures to stop platform fraud and guarantee users’ rights.
Yup. Our funds safety is always a priority for us. Keeping more money on exchanges is not recommended.
Post manually reviewed. 😊
Thank you!
Yay! 🤗
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