Kraken CEO Says Damage Is Huge in FTX Incident

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Kraken CEO says damage is huge in FTX incident. Kraken CEO Jesse Powell said the crypto industry needs to raise its standards. Kraken is one of the many companies that revealed FTX. It has about 9,000 FTT, the benchmark of FTX. Both Powell and Kraken emphasized that the company is not “materially affected” by the recent news from FTX.

The crypto industry should raise its standards following the evolution of Sam Bankman-Fried’s FTX cryptocurrency exchange.

That’s according to Kraken CEO and developer Jesse Powell, who called the company “clowns” who sell to their customers. “Our safe and trustworthy nature makes us easy for fraudsters. Some even tell us openly that they are in it for profit, not crypto, and we commend them for their honesty. Still, we are surprised when they become who they say they are. We need to raise our standards,” he said in a tweet. Kraken is one of the many companies that revealed FTX. It has about 9,000 FTT, the benchmark of FTX. Amber Group, Crypto.com, Galaxy Digital, Multicoin Capital, Selling Capital, Sequoia Capital and Wintermute released statements outlining their exposure to the company.

Kraken CEO and FTX

Powell, who will step down as CEO of Kraken early next year, and the company itself emphasized that the company is not affected by “the recent FTX news, but Powell said that for the entire region, “the damage here is great.”

FTX ran into trouble earlier this month following news that Sam Bankman-Fried’s trading company had a major takeover of FTT, raising concerns about the relationship between the two companies.

A few days later, the crypto exchange Binance announced that it will withdraw its FTT assets. Binance signed a non-binding letter of intent to buy the exchange. Yesterday, after seeing the financial statements of FTX, he withdrew from the contract. “An implosion change of this magnitude is a gift to bitcoin haters everywhere. It’s the excuse they’ve been waiting for to show that the attack they’re keeping is in their back pocket,” Powell said.

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