The global crypto industry is trading under increased selling pressure and volatility due to the recent Sam Bankman-Fried (SBF) FTX collapse. The former FTX CEO seeks to generate recovery funds amid the crisis. However, Ripple’s CTO has slammed SBF over its trading method.
Ripple CTO slams SBF
David Schwartz, Ripple CTO in a Twitter thread mentioned that people describe SBF as a “Great Trader”. Every trader made good money during the massive bull run in the crypto market. This was the same time when SBF made money.
However, when the market went down, SBF’s trades massively blew up. Ripple CTO suggested that maybe he was just taking a massive directional risk. He highlighted that one of the easiest ways to fool others into thinking that one is a great trader is to take minor risks.
Ripple CTO added that this works most of the time and helps to make a regular profit. However, it is a reverse lottery though. While there is a very small chance that someone can lose $16 billion of your customer’s money.
SBF claimed that he lost track of how much leverage he had and how much risk was taking at that time. Ripple CTO slammed Sam and said that if that’s true than SBF is a “Terrible Trader”.