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Crypto community shouldn’t be punished for one bad actor, says Powell

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Jesse Powell, Kraken’s co-founder

in an interview shares that the entire crypto community is being generalized as a scam; it shouldn't be punished because of one bad actor in a Ponzi Scheme aka FTX.

had the trust of millions of people. Not only because it was led by one of the well-known personalities but also because it was deeply involved with media and politics over the years.


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Who knew that all those political campaigns' sponsorship money and the regulating crypto campaign funds were going out from the users’ funds?

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In recent news, FTX shared they owe $3B to its 50 creditors and a total of $16B loss has been accumulated from the exchange. The new CEO John J. Ray III says this is the worst case of bankruptcy.

For Powell,

For Powell, this event has once again reminded the importance of “My Keys, Not Yours,” that centralized exchange had forgotten as crypto adoption expanded.

Like SBF’s exchange,

many other platforms are now under the threat of insolvency because of their failure to protect their customers’ money.

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Nonetheless, with the authorities opening investigations against FTX and other firms, the whole community is being sabotaged by falling out because of the lack of trust among users.

Powell says right now the whole crypto community is against the Regulators in the US because they see bad actors and good actors with the same eye.

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Although the Web world is doing its best to be transparent and open about regulations, the upcoming months for developers, creators, and entrepreneurs will be hard.

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