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.
If you don’t close your @FTX_Official account today and get your funds off that exchange ASAP… I’m sorry but you are the definition of Low IQ and you deserve what’s going to happen to you.— Ben Armstrong (@Bitboy_Crypto) October 29, 2022
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.