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Ethereum co-founder Vitalik Buterin said that the collapse of FTX has once again made it clear that the problem is people, not technology.
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Ethereum co-founder Vitalik Buterin has spoken out in the wake of FTX's collapse, offering his thoughts and some positives from one of crypto's biggest Black Swan events.
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In an interview with Bloomberg on November 20, Buterin said that the collapse of FTX contained lessons for the entire crypto ecosystem.
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He acknowledged that the inherent stability of distributed ledgers and the technology powering the crypto asset economy has not come into question.
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The problem in this instance (and many before it) has been people, not technology.
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Buterin also labeled the FTX collapse as a “huge tragedy,” but added that it confirms the position of many in the Ethereum community regarding centralization:
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He added that this ethos includes trusting in open and transparent code above humans.
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Over the weekend, Buterin posted a guide to keeping "safe CEX" with proof of bankruptcy.
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Exchanges could develop "cryptographic proofs that show that the funds they hold are real. enough to cover
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The problems for FTX are understood to have stemmed from the exchange's use of customer deposits for other purposes.
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