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Crypto Influencer Who Warned About FTX Shares His View on What to Do Now

Thu, 11/10/2022 - 15:09
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Gamza Khanzadaev
Influencer gets thumbs up from Ripple CTO after predicting FTX crash, shares new forecast
Crypto Influencer Who Warned About FTX Shares His View on What to Do Now
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Crypto Influencer Ben "Bitboy" Armstrong suggested refraining from buying on the crypto market until there is a better understanding of just how much damage the collapse of the major FTX exchange has caused. Prior to the whole situation, the blogger had repeatedly spoken negatively about both the exchange itself and its head, Sam Bankman-Fried.

In particular, Armstrong claimed that Bankman-Fried is lobbying with the authorities for a law to strictly regulate the crypto sphere and also promised to expose many other bad deeds of SBF. Moreover, in late October, Bitboy claimed FTX was screwing its users after the exchange's API was exploited.

End in sight for "invisible hands" of crypto market

The blogger's insight into the crypto-entrepreneur's sad notoriety was also noted by Ripple CTO David Schwartz. Armstrong warned us about what a devil Bankman-Fried was long before these events, Schwartz says.

Apart from advising people to refrain from buying and wait while monitoring the situation, Armstrong also suggested that no more market makers would be able to have so much influence on the markets, being its "invisible hands." With this thesis, the blogger once again poked fun at the head of FTX, which had a reputation for organizing pumps and dumps directly through his own exchange.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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