Ava Labs: We will not be affected by the collapse of the FTX exchange

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The management of the company that developed the Avalanche blockchain believes that the crisis caused by FTX is taking place in the most benign form – things could have turned out much worse.

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Ava Labs founder and CEO Emin Gün Sirer said his company had little contact with the FTX cryptocurrency exchange, which is now going through bankruptcy proceedings. The damage done by FTX and its management is difficult to assess, but it’s definitely big, Sirer said.

According to the head of Ava Labs, it all started long before the crypto exchange filed for bankruptcy – back in the days when FTX “turned operations to pump some coins at the expense of others.” So most of the damage to the market happened then, not now. In other words, Sirera accuses a colleague at the head of FTX that he manipulated the market to maintain the value of certain coins and the ability to borrow against them.

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The head of Avalanche developers believes that the situation could have turned “not so gently” – everything could have ended more destructively for the market. Sirer admitted that his company considered investing in FTX, but decided to abstain in time.

Earlier, professional esports organization Team SoloMid (TSM) announced that it was halting its sponsorship deal with FTX. The reason was the bankruptcy of the crypto exchange.

Source: Bits

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