ether co-founder Vitalik Buterin dug up the FTX boss Sam Bankman Fried about his donations to political leaders and said that giving large amounts to politicians was over Breaking the cryptocurrency exchange.

In an apparent jab at US regulators, Buterin also said that FTX is headquartered in the Bahamas and the location was chosen in part due to the lack of a regulatory framework like that existing in the United States.

See also: $600 million in crypto mysteriously flows out of FTX wallets as the exchange may have been hacked

FTX “was an exchange run by a person who is very politically connected and was apparently trying pretty hard to get some no-action letters from the SEC. He donated a huge sum to all kinds of politicians and that eventually broke it,” Buterin said at a gathering at LaBitConf in Buenos Aires, Argentina.

He added that even during the FTX fiasco there were several big projects such as: ether ETH/USD and Solana SOL/USD what did not fail.

According to Buterin, DeFi and self-custody options work better, and people are turning to centralized platforms instead because they offer convenience that self-custody doesn’t.

“For example, setting up self-custody is still difficult. You have to find a way to have secure wallets, you have to carry your hardware wallet around and you have to write down all the words and many complexities. But centralized options are like, you know, he’s a nice guy. His face is all over San Francisco. So just put the coins on this platform and it is trustworthy,” he said.

For what was considered the third largest cryptocurrency In the world stock market, FTX’s rapid descent into bankruptcy has undoubtedly sent shockwaves through the global crypto market, scaring millions of investors and further disrupting the cryptocurrency markets.

However, what initially seemed like another case of an over-leveraged crypto firm going bust due to price volatility in its home country…