Hey folks.
Following the court case in respect of former CEO of FTX Sam Bankman Fried, victims shared their thoughts and how they feel depressed about their losses with the crash of crypto exchange FTX.
There may be people who may have lost all their life savings and also may have affected their relationship with the collapse of FTX.
What to Learn From FTX Crash?
One of the most important thing for me is that don't ever invest all of your money into something like crypto or crypto related firms. You never know when is a crypto going to crash or when an exchange gets bankrupted. And this has happened in shape of FTX and a few other crypto projects as well crashing.
Invest only what you can afford to lose, that's it.
The crash of FTX also tells one can't trust a centralized exchange for putting a chunk of their assets there. As if the exchange is being hacked or collapses, you might lose your money.
Investors who are looking into putting some of their money, it's important for them to do a due diligence and a good research about the exchange and the owner in the first place.
I would also urge the authorities to rather than imposing hard sanctions on crypto firms, why not work with them and regularize them. This way, at least investors may have a sense of security of their funds and authorities should also make sure security of investors money.
Any other thing you would like to add?
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