FTX Failure Become The Hottest Topic at LaBitConf in Latin America

FTX Failure Become The Hottest Topic at LaBitConf in Latin America.

The collapse of Sam Bankman-Fried’s empire was the hottest topic at this year’s LaBitConf in Buenos Aires which kicked off on friday.

Discussing FTX Collapse

At this event, big speakers have been discussing the collapse of one of the world’s biggest digital asset exchanges.

One of the most recognizable speakers at the conference, Ethereum co-founder Vitalik Buterin, compared disgraced crypto CEO Sam Bankman-Fried to a 1930s dictator during an early talk at his main event.

Decrypt spoke with Mexico’s Bitso, one of Latin America’s most popular exchanges about the issues, Felipe Vallejo, Bitso Chief Regulatory Officer said “We think we know what happened through third parties and Twitter.”

Read More: Kraken CEO On The Impact of FTX Collapse Listing 9 Red Flags

“ I feel completely sorry for the people who lost money—I don’t want to make a value judgment until we see the facts,” he added.

He said that his exchange always prioritized safety and trust-sometimes to the detriment of growth. He added that greater regulation would bring greater punishment to those who act dishonestly.

The reason why regulator didn’t take legal action towards FTX

Samson Mow, CEO of JAN3, a company focusing on accelerating Bitcoin mass adoption, spoke about the reasons why regulators have not taken any legal action.

“#FTX was deeply in bed with regulators. That is the problem. Regulators can’t smell the shit of the shitcoins,” tweeted JAN3

He noted that collapse of FTX, at LaBitConf was mainly due to the fact “that they built their business on a shitcoin”, explains @Excellion at the main stage of LaBitConf.

Read More: Solana-based Gaming Star Atlas Reveals It Has Material Exposure on FTX 

On the other hand, BitGet’s operation manager for Latin America and Spain, Mario Iemma, sees the crisis as an opportunity.

A new system has been introduced by Singapore’s leading derivatives exchange to allow users to monitor its liquidity at any given point in time.

He explained that the goal is to improve transparency, which will promote greater adoption.

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Jamilatul Mahmudah

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