Cardano founder considers the collapse of the FTX cryptocurrency exchange to be the last in the cryptocurrency industry

Charles Hoskinson, the founder of Cardano (ADA), has reacted to the collapse of the FTX cryptocurrency exchange, suggesting that this is one of the latest crises to hit the digital asset space.

During his live broadcast, Hoskinson said that incidents similar to the FTX situation are becoming more complex, given how negatively they affect other players in the ecosystem. However, as the father of Cardano noted, the crisis cycle is coming to an end. «I think the FTX crash is one of the last ones we will see. It is hard to predict where this will lead and how much worse it will get,» Hoskinson said.

The Cardano founder also added that the aftermath of the FTX crash is likely to be similar to the market events that followed the Terra ecosystem collapse. In addition to the huge losses incurred by investors, it also affected large crypto platforms, including Celsius Network and Three Arrows Capital (which turned out to be insolvent).

On November 8, Binance, the world’s largest cryptocurrency exchange, signed a non-binding agreement to buy FTX.com to help cover the «liquidity crisis» at Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried's exchange. «In order to protect users, we have signed a letter of intent that provides for a full takeover of FTX.com. We will conduct due diligence in the coming days ,» Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao wrote on Twitter. He clarified that Binance has the right to withdraw from the deal at any time. The head of FTX, Sam Bankman-Fried, confirmed the information about the strategic agreement, which should solve a number of problems.