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Tuesday, November 29, 2022
HomeCryptoCrypto investor scammed by FTX: 'I made the fallacious determination'

Crypto investor scammed by FTX: ‘I made the fallacious determination’

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Entrepreneur and crypto investor Evan Luthra discusses the downfall of the cryptocurrency change platform FTX and the unsure way forward for the crypto business on ‘Cavuto: Coast to Coast.’ 

Entrepreneur and crypto investor Evan Luthra misplaced $2 million after being blindsided by FTX.

“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,” Luthra stated Thursday throughout an interview on FOX Business’ “Cavuto: Coast-to-Coast.”

Even so, the stunning collapse of one of many crypto business’s largest change platforms has not discouraged the 27-year-old from catapulting again into the crypto world. 

“I’ve been buying every day since I’ve had the opportunity. I think this is a great time to buy. The main ethos in the main fundamentals of bitcoin hasn’t changed. Why I invest in bitcoin hasn’t changed. So for me, there’s a great opportunity to buy long term, so I am buying more bitcoin,” Luthra stated on “Varney & Co.,” Wednesday.

Evan Luthra has misplaced practically $2 thousands and thousands for the reason that collapse of FTX  ((Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP through Getty Images) / Getty Images)

Despite many traders’ hesitancy to re-enter the crypto world, Luthra claims that persevering with to put money into bitcoin and the crypto area has made him a “more fundamental” investor.

MICHAEL SAYLOR ON FTX COLLAPSE: CRYPTO ‘MAY HAVE BEEN THE PROBLEM,’ BUT ‘BITCOIN IS STILL THE SOLUTION’

“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,” Luthra defined Thursday.

Entrepreneur and crypto investor Evan Luthra discusses the cryptocurrency market following the catastrophic collapse of FTX, which resulted in a $2 million loss for Luthra. 

The entrepreneur expanded additional on his confidence within the rudimentary basis of crypto, contending that the collapse of FTX was due to an “individual” that was a “very bad businessman, but very experienced con man.” 

INSIDE THE COLLAPSE OF CRYPTO EXCHANGE FTX: EVERYTHING YOU NEED TO KNOW

“He [Sam Bankman-Fried] has lied at every point about what he has been doing. This is not an overnight failure. This is not a business that didn’t work out. This was them defrauding people. This is the FTX going on stage and going publicly and tweeting that funds are safe and secure. They were never secure. They were using it to buy houses,” he stated. 

When questioned on the depth of investigatory measures Luthra carried out previous to investing within the change, he stated that he was unable to carry out a “deep due diligence” of the corporate.

Threadneedle Ventures founder Ann Berry and Thru the Cycle founder John Lonski talk about how the monetary collapse of FTX may ripple by the U.S. financial system on ‘Cavuto: Coast to Coast.’

“I don’t have any auditing records. I could only test on what the market shows. The market made you believe that it’s a company you can trust,” Luthra defined. 

Despite his heavy monetary losses within the crypto area, Luthra argued bitcoin is the “best investment out there.”

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