‘Like a 1930s dictator’: Vitalik Buterin takes on Sam Bankman-Fried and FTX

Vitalik Buterin, co-founder of Ethereum and perhaps one of the most recognizable people in crypto, today chastised former FTX CEO Sam Bankman-Fried when asked about the businessman and the collapse of his exchange.

At the LaBitConf conference in Buenos Aires, Argentina, the man behind the second-largest cryptocurrency said the colossal collapse of FTX was inevitable due to its centralized nature.

“This year we’ve seen a lot of things break because they have a fundamentally bad model,” Buterin said when asked about the collapse of FTX and other cryptocurrency companies this year.

FTX was once one of the most popular digital asset exchanges on the planet, but it imploded this week after it emerged that its famous CEO, known simply as “SBF” in crypto circles, used customer deposits to make risky bets, blowing up billions of dollars. dollars in smoke.

On Friday, SBF – once one of the richest men in crypto – filed for bankruptcy and saw his net worth drop from $16 billion to zero after his exchange collapsed.

“There’s confidence in a guy who walks around, wears a suit, and calls himself a name like ‘Bankman,'” Buterin said today, noting the crypto celebrity’s advertisements plastered around San Francisco.

Buterin noted that people were more interested in marketing FTX and the “custom style” similar to “1930s dictators” which is “the exact opposite of any crypto philosophy is a project trying to be decentralized”.

Ethereum is the second largest cryptocurrency by market capitalization and runs on the eponymous Ethereum blockchain. As one of the founders, Buterin is very recognizable and has been criticized for the personality cult that surrounds him – much like Sam Bankman-Fried – and therefore makes the project more centralized.

Other speakers at the event took on Buterin himself after the founder of Ethereums comments:Bitcoin developer Jimmy Song lambasted people for “trust Vitalik with their money.”

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