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Re:Two Executives in Sam Bankman-Fried’s Crypto Empire Plead... by lolinder on Wednesday December 21, 2022 @11:33PM (#34089827)
> In its complaint, the S.E.C. said Ms. Ellison, under direction from Mr. Bankman-Fried, had manipulated the price of a digital currency that FTX created, called FTT, by buying large quantities to prop up its price. Alameda was one of the major firms that was trading FTT and had used the crypto token as collateral for loans it got from other big crypto firms to fund its trading.

FTT is on the Ethereum Blockchain.

Re:Two Executives in Sam Bankman-Fried’s Crypto Empire Plead... by mudrockbestgirl on Thursday December 22, 2022 @12:01AM (#34090011)
Yes, just like the FTX website is on the internet. So, do you blame the HTTP protocol for every online scam?

Anyone can put scam token on Ethereum, just like anyone can publish a website. It has no relevance to Ethereum whatsoever. What the poster meant was that the FTX, the organization, was not an Ethereum protocol, it was just a centralized financial institution that published some random token.

Re:Two Executives in Sam Bankman-Fried’s Crypto Empire Plead... by lolinder on Thursday December 22, 2022 @12:11AM (#34090074)
That's not at all what OP said:

> Nothing here happened on a blockchain. If it had there wouldn't have been problems.

My response addresses their point exactly. FTT being on the blockchain did not solve the problems, and she is specifically being charged with fraudulent on-chain activity (not just fraud on the edges).

As for the protocols, I don't blame the technology, I blame the culture. The culture that surrounds crypto is uniquely prone to perpetuating scams. That's not the fault of the technologists who started the movement, it's what happened when crypto became a gold rush.