Ripple CTO Open To Hiring FTX Employees Not Involved In Shady Practices

David Schwartz has no qualms about poaching FTX employees, but there are exceptions.

IN A TWEET, Ripple CTO David Schwartz urged employees at embattled crypto exchange FTX to consider applying at Ripple, asserting that the blockchain payments company is always hiring.

However, the celebrated XRP Ledger co-creator outlined a few exceptions, expressing the sentiment that Ripple wants nothing to do with FTX’s compliance, finance, or business ethics staff in a jab at the shady practices at the crypto exchange.

Hey @FTX_Official employees not involved in compliance, finance, or business ethics:@Ripple is always hiring.

— David “JoelKatz” Schwartz (@JoelKatz) November 10, 2022

It comes as facts show that the once-leading crypto exchange is neck-deep in a battle with insolvency. According to a Reuters report, the crypto exchange is currently trying to raise about $9.4 billion in capital to stay afloat as the Binance deal fell through. The report details that FTX chief Sam Bankman-Fried (SBF) is approaching competitors and venture capitalists looking to raise $1 billion each from them.

The exchange has already obtained a line of credit from Tron to provide liquidity for TRX-related tokens, per an announcement via its official Twitter channels. 

The exchange has started processing withdrawals again, according to on-chain data. However, the crypto exchange has first restricted withdrawals to Bahamian customers, according to a tweet yesterday that clarifies that it is following Bahamian regulations.

While it assures that it will eventually re-open the services to its customers globally, users are not buying it. Notably, it is not the first time that the exchange has given users assurances this week.

On Monday, SBF assured users that the exchange and its assets were safe. However, a bank run triggered by a disclosure by Changpeng Zhao that Binance planned to sell off its FTT holdings proved reports from CoinDesk and Dirty Bubble Media that the exchange was illiquid. 

Notably, SBF made an attempt at an apology in a lengthy Twitter thread yesterday for the abusive use of about $8 billion in user funds. He asserted that he is working to obtain lines of credit to ensure users recover their assets. Controversially, the FTX chief appeared to sub-tweet CZ, saying, “well played; you won.”

Despite the perceived comic nature of the tweet by the Ripple CTO, it is worth noting that the company is hiring, according to a report from The Crypto Basic in October. Details of the story indicate that the company has at least 150 positions it is looking to fill.

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