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Update on Cardano from FTX CEO Causes Frustration Following MASK Listing

Thu, 11/03/2022 - 11:02
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Gamza Khanzadaev
Sam Bankman-Fried receives backlash from Cardano community following MASK listing
Update on Cardano from FTX CEO Causes Frustration Following MASK Listing
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The founder and CEO of major crypto exchange FTX, Sam Bankman-Fried, has once again triggered the Cardano community. This time the occasion was the crypto entrepreneur's response to the accusation that FTX is listing all random tokens that involve entities affiliated with the exchange and Bankman-Fried, but are still unable to launch spot trading on ADA.

Responding to the accusations, SBF said that work on ADA is going on right now, but it is complicated by the fact that the implementation of the new blockchain is taking longer. The reaction to the word "new," given that Cardano is five years old, was not long in coming when the head of FTX corrected himself by saying he meant one that is not yet on the exchange.

ADA Listing on FTX Could Turn into Tragedy, Cardano Founder and BitBoy Discuss

The long-awaited introduction of the Cardano spot pair (ADA) on FTX was announced in late October by the exchange's head himself. At the same time, some prominent figures in the crypto space expressed concerns about the possible consequences of this listing.

MASK pumps on FTX listing

The token touched on in the question addressed to SBF was probably MASK from Mask Network. The cryptocurrency was listed on FTX on Nov. 2 on the spot and futures markets, with the announcement occurring only hours before the event itself.

Source: CoinMarketCap

Remarkably, since the same date, MASK's price has pumped by 143%, with most of the increase coming in the period following the announcement of the listing of FTX.

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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.