Cryptocurrencies have been “cut to ribbons” in the wake of FTX’s implosion, but it can be re-born if players stop lighting each other up on Twitter, according to SkyBridge Capital’s Anthony Scaramucci.
Scaramucci said that the crypto industry can only flourish if crypto enthusiasts collaborated with each more instead of fighting with each other.
“What should the industry do to survive and make it better? In my opinion, it’s more collaboration but the problem with the industry is there’s a lot of young people that like antagonizing each other and lighting each other up on Twitter,” he said at the Bloomberg New Economy Forum in Singapore in November.
He gave an example of Twitter spat between FTX’s former CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao, who also goes by “CZ,” which ultimately led to the downfall of Bankman-Fried’s crypto empire.
“I think there was a red flag, sort of a penalty flag of Sam going after CZ, but also CZ going after Sam,” he said.
Before FTX’s collapse that reverberated through the crypto market, Zhao tweeted that Binance would be liquidating all its FTT tokens — a crypto token native to FTX — due to “recent revelations.”