Many cryptocurrency industry experts have expressed their frustration with the latest episode of 60 Minutes.
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The crash of the FTX cryptocurrency exchange has been the subject of much discussion and speculation. A recent episode of the popular TV show “60 Minutes” added fuel to the fire by suggesting that Binance’s actions led to the fall of FTX. The show’s expert said: “They had a truly wonderful business. If no one had badmouthed the company, if there hadn’t been a run on customer deposits, they would still be making money. tons of money.”
Ripple’s lawyer, John Deaton, was quick to dispute this narrative. In a tweet, Deaton slammed the “expert” for essentially blaming Binance for the FTX crash. He questioned the intelligence of anyone who would suggest that slandering the company had led to a run on customer deposits, thereby causing financial problems for FTX.
Binance founder Changpeng Zhao (CZ) also took part in the controversy. In response to Deaton’s tweet, CZ said: “He probably wishes everyone was this stupid, but…”
The exchange between Deaton and CZ highlights the complexities and nuances involved in the FTX crash. Blame Binance Casting smears that led to a run on customer deposits oversimplifies the problem and ignores other potential factors that could have contributed to the crash. Additionally, it raises questions about the credibility of the “expert,” who made such a claim on such an influential platform as “60 Minutes.”
The crypto community is no stranger to controversy, and the FTX crash is a stark reminder of the risks involved in the industry that apply to even the largest and most notable platforms on the market. However, blaming a single entity for the downfall of another is not only unfair but also misleading. It is crucial to look at the situation from multiple angles to understand what really happened.