Elon Musk Weighs in on Sam Bankman-Fried Post FTX Meltdown

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The fallout of FTX, a crypto speech level has brought astir turmoil successful the blockchain industry. 

Key manufacture experts and expert person fixed their sentiment connected what they deliberation resulted successful the company's liquidity issues and what they deliberation astir the CEO, Sam Bankman-Fried earlier and aft the company’s crisis. Bankman-Fried has been alleged to person mishandled customers' funds and is presently facing an investigation from regulatory agencies successful the United States.

Elon Musk, the richest antheral connected world and the CEO of Twitter has shared his sentiment connected what helium thinks astir Bankman-Fried amidst the fallout of FTX successful a Twitter space hosted by Mario Nawfal with implicit 60,000 listeners.

Musk said that Bankman-Fried reached retired to him and that helium was funny successful collaborating with him to bargain Twitter successful March. He added that helium hadn’t heard of Bankman-Fried anterior to their half-hour speech connected phone. According to Musk, his bullshit metre alert came disconnected during the speech and helium thinks that Bankman-Fried is afloat of Bullshit.

Musk besides told listeners to beryllium cautious erstwhile transacting with crypto. “Not your keys, not your wallet,” says Musk. What this means is that if users' wealth is connected an speech they bash not ain the keys, the speech does. If things spell incorrect similar with FTX, users bash not person the rights to the crypto due to the fact that they bash not ain it. But if your crypto is connected a ledger customers ain the key.

Turmoil successful the Crypto Space

The ongoing issues successful FTX person brought astir a driblet successful crypto marketplace capitalization. The full integer currency marketplace capitalization has fallen beneath $900 cardinal for the archetypal clip since January 2021 and is present astatine $874.74 billion.

On the portion of investors, crypto users person decided not to carnivore the brunt of failed crypto exchanges and truthful they person been withdrawing their wealth from crypto exchanges. Billions of dollars person been withdrawn crossed crypto speech platforms since the fallout of FTX.

Many traders person taken the inaugural to retreat their funds into a wallet they power successful bid to debar akin scenarios arsenic those recorded successful the cases of Voyager Digital and Celsius Network which went bankrupt and locked up investors' funds to date.

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