.Ripple CTO JoelKatz says both FTX founder and Madoff built a Ponzi, but there were some huge differences
, who is also a co-creator of XRP Ledger and XRP, has taken to Twitter to sort of defend the reputation of FTX founder Sam Bankman-Fried.
Ripple CTO believes that while many on Twitter are now comparing FTX to Madoff’s Ponzi scheme, there are “huge apparent differences”. Still, he admits that FTX ended up to be a Ponzi. Schwartz believes that unlike Bernie Madoff, who created the largest Ponzi in history worth nearly $65 billion, Sam Bankman-Fried seems to have started FTX as a legal crypto business and then it gradually turned into a pyramid, while Madoff started with a Ponzi deliberately, perhaps hoping to replace it with a legitimate company later on.He believes that FTX started to turn into a Ponzi when Alameda Research trading firm linked to it began losing money.
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