FTX may be a fraud, Ripple CEO suggests

Ripple CEO Brad Garlinghouse suggested that the edgy FTX exchange was a fraudulent scheme. 

Garlinghouse dismisses FTX unregulated claim as “overstated”

During a recent interview on CNBC International today, Ripple CEO Brad Garlinghouse, while speaking on the current trend in digital currency, hinted at a sinister plot of FTX to defraud the world, as he claimed a lot of things don’t just add up to the collapse of the crypto exchange platform last week.

In the 7 minutes clip by CNBC on their Twitter page, Garlinghouse started out by mentioning, “…the fact that it (FTX) is not regulated is overstated”.

Trying to probe further, he continued, “What happened here? I don’t think it’s about crypto regulation, …maybe a fraud, that’s true in many, many industries not specific to crypto”.

Garlinghouse continued saying Crypto is still in its formative stages and needs to mature, “Crypto has never been sunshine and roses. I think crypto, as an industry, needs to mature” without this done, Garlinghouse suggested, fraudsters will keep getting away with their fraudulent acts. “Crooks will always be attracted to nascent industries.”  He claimed.

Garlinghouse assures that CBDCs cannot monopolize digital currency

Garlinghouse was asked in the interview with CNBC about the conspiracy theory that authorities such as CBDCs, The Central Bank of Digital Currencies, plan out the public blow-up of crypto exchange platforms to ring-fence digital and cryptocurrency around CBDCs. Thereby giving the government a full monopoly on digital currencies.

Garlinghouse claims he doesn’t see any competition between Government regulated digital coins and privately regulated digital coins. 

He instead sees them as “complementary”. 

Garlinghouse assured, “I don’t view it as one versus the other”. He continued that the CBDC may have a role in the future to solve the problem associated with multiple regional currencies, ensuring that the bridge of cross-border transactions makes the entire global economy efficient.

Garlinghouse continues the gospel of transparency spread

The CEO of Ripple doubled down on every company’s need to be transparent. He claimed Ripple is “extremely” transparent even though it is not regulated as a public company, as it had in the past 5 years made its data, tax and audit public. “Companies need to be transparent”, Garlinghouse stated, “to build trust.”

Crypto exchange platforms such as Binance and Crypto.com have also come out to publish their company’s assets openly, data, and all their investors require them to know through an AMA section on Twitter and Youtube.

This has been a huge step in curbing agitation and public distrust of CEXs and other digital platforms.