Home » Economy » Sam Bankman-Fried’s FTX crypto collapse stems from ‘broken’ markets, tech entrepreneur says
Sam Bankman-Fried’s FTX crypto collapse stems from ‘broken’ markets, tech entrepreneur says
Consumers’ trust for crypto is ‘sapping out’: John Wu
AVA Labs President John Wu weighs in on the widespread impact of the FTX fallout and how that will impact the largely mistrusted crypto markets on ‘Cavuto: Coast to Coast.’
As details about the collapse of FTX continue to emerge, the core of its downfall stems from a murky, damaged market, according to one tech entrepreneur.
"It's almost like the equivalent of the largest market maker, the largest bank, the largest exchange, and the largest hedge fund, all going down at the same time. So the Web3 and crypto capital markets seem like they are broken," AVA Labs President John Wu said on "Cavuto: Coast to Coast."
On Wednesday, cryptocurrency exchange FTX's founder Sam Bankman-Fried was hit with a class-action lawsuit by investors claiming that he and other distinguished celebrities caused consumers to suffer over $11 billion in damages.