This FTX Investor Spills The Beans on SBF & Alameda

Evan Luthra, a businessman and cryptocurrency investor, lost $2 million after being taken by surprise on the whole FTX fiasco. In a recent statement, he discusses what it means for the future of cryptocurrency.

As per Luthra, like many others, he too got to learn about the FTX crisis from the micro-blogging site, Twitter. And, when he tried to withdraw his funds from the now-bankrupt platform, he was unable to do so — making him lose over $2 million.

Read More: FTX Exchange Files For Bankruptcy

Luthra further elaborated his stance on FTX by saying,

I made the wrong decision of trusting somebody like FTX and giving them my bitcoin, giving them my crypto so that they could give me ‘IOUs.’ And then they went under, and they scammed us. So a very big lesson for me, a very big lesson for everybody,”

Terming Sam Bankman-Fried as crypto’s “bad actor”, Luthra hopes justice is delivered and users are able to get their funds back. He also pointed out that, the judiciary needs to come out with a benchmark decision on SBF and team, to set an example in the industry.

Evan Still Has Faith In Crypto

The startling failure of one of the biggest exchange platforms in the cryptocurrency sector hasn’t stopped the 27-year-old from reentering the space, either.

Luthra claimed that he’s buying crypto every day since he got the opportunity and thinks it to be a great time to buy. According to him, the core ethos and the basic fundamentals of bitcoin have remained the same and the impact created by the FTX saga won’t affect it in the long run. “So for me, there’s a great opportunity to buy long term, so I am buying more bitcoin,”, Luthra noted saying.

Luthra further went on to state:

“You could have a car manufacturer who cut some corners and then defrauded the industry. Doesn’t mean electric vehicles are bad. So it’s like bitcoin by itself, the fundamentals are still very strong and if you have bitcoin in your hard wallet, in your hand, you have not lost any money today,”

A Not-So-Happening 2022

Luthra tweeted that he had lost 8 figures in the last few months on crypto alone but still wishes to pursue newer ventures if and so when they come; albeit learning from past mistakes.

I have lost more money in the last few months then I have made in the first 23 years of my life (I am 27).

I lost mid 8 figures in USD $ on these companies going under:

1. FTX
2. Freeway
3. YieldShare
4. Celsius
5. UST / Luna
6. Other Yield generators

Here’s my learnings:

— EvanLuthra.eth (@EvanLuthra) November 9, 2022

 

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.