Crypto exchange Kraken‘s founder and chairman Jessee Powell shared his anguish regarding the FTX collapse on his Twitter account and said that it is time the crypto community should stop being too trusting and raised its standards.
Powell’s 14-Tweet-long thread calls out to the whole of the crypto community, including investors, venture capitals, and regulators, and warns them to recognize red flags and push such people out of the industry before it’s too late.
Trust should be replaced with verification
Powell’s major focus was on the good, trusting nature of the crypto community. As per the nature of crypto and blockchain, people who are involved in the area carry a desire to be genuinely helpful and innovate for the better.
2/ Our good, trusting nature makes us easy targets for con artists. Some even tell us straight up that they’re here for profits, not crypto, and we praise them for their honesty.
Yet we’re surprised when they turn out to be who they said they are. We need
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