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FTX Crisis Is the Hottest Topic at the Biggest Bitcoin Conference in Latin America

The largest crypto convention in Latin America, LaBitConf 2022, kicked off on Friday.

The temper was vibrant and glossy in Buenos Aires, Argentina, the place bitcoiners flocked to The Paris of the South to ship their stimulating admonitions to adoption to all who will pay attention. But a darkish theme overshadowed the occasion: FTX.

That autumn considered one of the world’s largest exchanges for digital belongings and its CEO offered a subject of dialog from the begin of the occasion.

As the large audio system took to the major stage on Saturday, rumors even circulated on Twitter that former billionaire Sam Bankman-Fried had fled his base in the Bahamas to Argentina on a non-public aircraft. (It later turned out to be nonsense.)

The hysteria even prompted Ethereum co-founder Vitalik Buterin — arguably the most distinguished speaker at the convention — to have a phrase shock early dialog at his major occasion, the place he in contrast the disgraced crypto CEO to a “1930s dictator.”

Bankman-Fried, whose crypto empire went up in smoke this week, is now being investigated for “criminal misconduct,” it was revealed at present. So what are different exchanges and crypto firms doing to show to their prospects that the similar won’t occur to them? The individuals of LaBitConf had solutions prepared.

Latin America’s hottest change, Mexico-based Bitso, spoke decrypt about the debacle. “We think We know what happened through third parties and Twitter,” said Felipe Vallejo, Bitso’s Chief Regulatory Officer. “I really feel very sorry for the individuals who have misplaced cash – I do not need to make any worth judgments till now we have seen the information.”

He added that his exchange has always prioritized security and trust — sometimes at the expense of growth. He added that more regulation would have consequences for those who “do evil”.

Vallejo’s comments echo what Coinbase founder and CEO Brian Armstrong said said Earlier this week: that this is the perfect kick in the butt for regulators to create crystal clear rules and policies.

BitGet’s operations manager for Latin America and Spain, Mario Iemma, said the crisis could be an opportunity: The Singapore-based exchange, which leads the derivatives market in the region, announced a new system for users to view the exchange’s liquidity at any time.

The idea is to improve transparency, which in turn will lead to greater acceptance, he explained.

Leo Elduayen, CEO of blockchain firm Koibanx said on stage that we need to “open our eyes” to companies like FTX and Celsius – which collapsed earlier this year – and realize that they are not true Web3 companies.

Aside from regulation, others have just been harsh. Eccentric, cowboy hat-wearing bitcoin developer Jimmy Song yelled on stage that all customers were to blame.

“The backside line is that individuals trusted FTX and FTX cheated prospects,” he said to little applause. “What we preach at Bitcoin is to verify – not to trust. The moment you trust someone, you give them power.”

Buterin added that “we have simply seen an enormous quantity of issues this yr,” referring to the demise of many crypto tasks and hacks.

“One of these issues is issues that break as a result of they’ve a mannequin, and that mannequin is simply essentially dangerous,” he said. “And the different is issues that break as a result of the mannequin is not trusted at all, it is a man.”

As regulators and law enforcement investigate what really caused FTX to collapse, everyone at this year’s LaBitConf seemed to agree on one thing: the crypto-sphere needs to be very careful about who it gives its money to.

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