The founder of the Ethereum (ETH) network, Vitalik Buterin, has spoken out about the catastrophic demise of the crypto exchange FTX. According to Buterin, what FTX has done is a lot worse than other examples of collapse, such as Terra (LUNA) and Mt. gox.

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FTX made the fur

According to Buterin, the fact that FTX pretended to be do-gooders is a bad thing. With projects like Terra and Mt.Gox, it was already apparent from the outside that certain bleak things were happening behind the scenes, but FTX always maintained the image that they were going to work in a completely virtuous way.

“MtGox 'seemed' sketchy and never attempted to whitewash itself. Luna too. FTX was the opposite and did compliance virtue signaling (not the same as compliance). The second type of fraud goes deeper than the first.”

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This makes the demise of FTX all the more painful, according to the Ethereum founder. It feels like a kind of betrayal that SBF has messed things up with his nice talk, says Vitalik Buterin. He therefore also states that the ex-CEO of FTX, Sam Bankman-Fried (SBF), got exactly what he deserved.

“SBF, the public figure, deserves what he gets and it's even healthy to have a good dip to reaffirm important community values.”

Buterin hopes that SBF as a person will not be abandoned by family and friends. According to Buterin, SBF is still someone who deserves support and love within the personal realms.

Binance CEO Changpeng Zhao (CZ) has also said that he is deeply disappointed in the actions of SBF and FTX. The whole debacle has meant that the entire crypto industry as a whole has lost a few years of progress, according to CZ. Confidence in the crypto sector is currently hard to find, and regulators, who were already not very enamored with crypto, may now take more action.

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