In line with the meltdown of the FTX crypto marketplace in November, several top industry players like Ripple CEO Brad Garlinghouse, Cardano (ADA) founder Charles Hoskinson, Coinbase Chief Brain Armstrong, CZ Binance and Ethereum Co-founder Vitalik Buterin have shared their thoughts, revealing the corresponding setbacks the latest implosion case brings to the nascent space.

Ethereum Co-Founder Reacts on the FTX Collapse

Earlier this month, FTX exchange suffered liquidity crunches, which led to many other negative outcomes like the dumping of the FTT token while being a contributor to the overall crypto market turbulence. To add to the exchange’s woes, hackers infiltrated the crypto platform and stole funds amounting to about $380 million. In consequence, FTX exchange joined the list of crypto projects to file for bankruptcy including Three Arrows Capital (3AC), Celsius Network, and Voyager among others. 

Related: CZ Binance: “DO NOT Trade FTT Tokens. If You Have a Bag, You have a Bag. DO NOT Buy or Sell”

Reacting to this recent loss-inflicting incident that has caused a stir in the crypto market, Ethereum co-founder Vitalik Buterin stated that the FTX meltdown cuts deeper than the Terra blockchain collapse in May, as FTX did whitewash.

According to Buterin, other collapse cases like Terra (LUNC) and Mt Gox were not totally a surprise as they looked “sketchy”. Therefore, the FTX scenario is different given that the exchange whitewashed itself, completing full-on compliance virtue signaling.  

In a recent reply to a tweet that compared the FTX incident with the Mt Gox implosion that occurred in 2012, Vitalik Buterin wrote, “MtGox “looked” sketchy and never tried too hard to whitewash itself. Luna too. FTX was the opposite and did full-on compliance virtue signaling (not the same thing as compliance). The second kind of fraud cuts deeper than the first.”

MtGox "looked" sketchy and never tried too hard to whitewash itself. Luna too. FTX was the opposite and did full-on compliance virtue signaling (not the same thing as compliance)

The second kind of fraud cuts deeper than the first.

— vitalik.eth (@VitalikButerin) November 11, 2022

While some believe that rigid regulatory policies could emerge to the point of cracking down centralized crypto marketplaces following the FTX collapse and leaving only decentralized exchanges, the Ethereum creator stressed that centralized exchanges still bring some advantages to the table that DEXes do not. To him, CEX abstinence does not make complete sense although centralization has done a lot of havoc on crypto investors. 

In response to the user who tweeted the question regarding CEXes and DEXes, Buterin said, “the CEX vs DEX narrative misses a key issue, that the two are substitutes for some services (cross-crypto trading, custody, sometimes leverage) but CEXes also function as a fiat-crypto gateway and (what we call) DEXes don’t.”

Depends on the details. The "CEX vs DEX" narrative misses a key issue, that the two are substitutes for some services (cross-crypto trading, custody, sometimes leverage) but CEXes also function as a fiat-crypto gateway and (what we call) DEXes don't.

— vitalik.eth (@VitalikButerin) November 11, 2022

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FTX general counsel Ryne Miller confirmed this unfortunate incident on the exchange’s official Twitter handle.

“FTX has been hacked. Chat is open. Don’t go to FTX site as it might download Trojans. Note that some funds were retrieved.”

Also on Twitter, Miller said, “Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges – unclear facts as other movements not clear. Will share more info as soon as we have it.”

Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges – unclear facts as other movements not clear. Will share more info as soon as we have it. @FTX_Official

— Ryne Miller (@_Ryne_Miller) November 12, 2022

According to ZachXBT, an on-chain analyst, the amount of crypto assets moved by the con artists is approximately $383 million.

Multiple former FTX employees confirmed to me they do not recognize these transfers for ~$383m https://t.co/YcqT0jrqIQ

— ZachXBT (@zachxbt) November 12, 2022

Read Also: FTX Japan Becomes First To Offer Perpetual Dogecoin (DOGE) Trading: Details

ZachXBT also says stablecoin issuer Tether has blacklisted portions of USDT related to the address involved in the transfers, which Etherscan has now labeled as “FTX Accounts Drainer.”

Breaking: $3.9m USDT on AVAX and $27.5m USDT on SOL of the FTX attacker’s has been blacklisted by Tether pic.twitter.com/SGciBaS6QQ

— ZachXBT (@zachxbt) November 12, 2022

The embattled exchange has also informed its users to stop interacting with all of its apps because they have been infected with malware.

“FTX apps are malware. Delete them. Chat is open. Don’t go on FTX site as it might download Trojans.”

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In a recent tweet shared to clarify the circumstances surrounding the acquisition of the FTX exchange, Binance CEO captioned the screenshot of the note sent to the Binance team across the world.

Read Also: Binance Not Slowing Down Investment Spree, Plans to Spend Over $1 Billion before the End of 2022

CZ Binance wrote, “In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.”

In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.https://t.co/IUNkPcLC8T pic.twitter.com/XGlIJB7EV5

— CZ Binance (@cz_binance) November 9, 2022

In the note, Zhao explained that the move to acquire FTX exchange was not preplanned. He said it all started less than 24 hours ago after a call from Sam Bankman Fried (SBF), the founder of FTX exchange.

Changpeng Zhao noted:

“Given the events that transpired over the last couple of days. I want to reiterate a few points.

“One, we did not master plan this or anything related to it. It was less than 24 hrs ago that SBF called me. And before that, had very little knowledge of the internal state of things at FTX. I could do some mental calculations with our revenues to guess theirs, but it would never be very accurate. I was surprised when he wanted to talk. My first reaction was, he wants to do an OTC deal… But here we are.”

Stop Trading FTT Tokens

In the note, CZ said although due diligence for the mega deal is ongoing, crypto traders and investors should avoid FTT tokens at the moment. He said those who have a bag of FTT tokens should hold them still.

“Two, as the due diligence for the deal is on-going, want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag. DO NOT buy or sell. As soon as I finished the call with SBF yesterday, asked our team to stop selling as an organization. Yes, we have a bag. But that’s ok. More importantly, we need to hold ourselves to a higher standard than even in banks.”

The Binance CEO also warned his team not to comment on the deal under any circumstances. He also warned them not to see this as a win for Binance because the FTX collapse is bad news for everyone in the industry.

Read Also: Binance CEO: We Are Likely To See More Market Consolidation

Speaking about the aftermath of this unfortunate occurrence, CZ said:

“User confidence is severely shaken. Regulators will scrutinize exchanges even more. Licenses around the globe will be harder to get. And people now think we are the biggest and will attack us more. But that’s OK, we are used to being open and leaning into headwinds, In fact, we embrace scrutiny. We must significantly increase our transparency, proof-of-reserves, insurance funds, etc. A lot more to come in this area. We have a lot of tough work ahead of us. Not to mention prices swinging wildly.”

Ignore the Prices, Keep Building

In his fifth point, Zhao urged his teams across the world to ignore the current situation in the market and focus on building products with vast utilities for people. He said this strategy has always worked over the years and it will also work today.

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What is the fastest growing cryptocurrency of 2022 happens to be one of the major questions many ask. It is understandable since buying the right coins at the right times has the potential to perform just like Bitcoin (BTC). 

So to help our readers, we researched and presented the fastest-growing cryptocurrencies of 2022 based on their market capitalization and the potential of giving profit to investors in the future. 

What Are Cryptocurrencies?

Cryptocurrencies are digital assets with the potential of circulating without the centralized authority of the government or a bank. Currently, there are over 20,000 cryptocurrency projects in circulation that represent the over $950 billion crypto market worldwide.

The Fastest Growing Cryptocurrencies of 2022

FTX Token (FTT)

FTX Token is one of the tokens that’s similar to BNB, and also the native currency of FTX exchange. The interesting thing is that it has been in a strong bull trend against Bitcoin ever since late 2019.

Those who own FTT receive a fee discount when they trade on the platform and those staking FTT have the opportunity of receiving a maker rebate whenever they start trading on derivatives pairs.

Mr. Sam Bankman-Fried, who happens to be the CEO of FTX, is one of the youngest billionaires. And according to Forbes, he is valued at $22.5 billion in 2021.

Many people who are investing now see FTT as one of the safest assets to invest their money in the long term based on their CEO’s wealth, and success. And not only that, the owner of FTX is having his fingers in many crypto projects across the cryptocurrency markets.

Fantom (FTM)

Fantom (FTM) happens to be one of the coins that’s fully compatible with Ethereum. You can deploy your dApps at a fraction of the cost, and you can then experiment with Fantom’s high performance.

This coin’s code is completely open-source. This means that anyone can read it, comment on it, check on the progress, and help in building the ecosystem. 

Anyone can make use of the Graph’s subgraphs and Fantom’s robust Web3JS APIs to develop wallets, explorers, or data analysis tools. Fantom is one of the fastest-growing cryptocurrencies for 2022.  

Cardano (ADA)

Here’s one coin that just came to the crypto scene, Cardano (ADA) is well known for its early embrace of proof-of-stake validation. 

It has a pattern of escalating transaction time and minimizing energy usage and the impact on the environment by taking off the competitive, problem-solving areas of transaction verification in places such as Bitcoin. 

This coin also works like Ethereum giving you the ability to use smart contracts and decentralized applications, and its native coin is ADA.

In case you don’t know, Cardano’s ADA token has grown modestly when compared to other major crypto coins. Sometimes in 2017, ADA’s price was just $0.02. But the current price is more than $0.44. with a market cap of $14 billion and this simply shows there’s a significant growth of 2,100%.

Tamadoge (TAMA) 

One of the fastest-growing cryptocurrencies for 2022 right now is Tamadoge. This is another amazing token that has just sold out raising more than $19 million in less than eight weeks of listing. By doing this, Tamadoge has become one of the best and fastest-growing cryptos of 2022.

TAMA tokens have a high demand, which means that the token is set for huge future growth in the crypto space. Currently, it has been listed on the centralized and decentralized exchanges of OKX.

Even though there is general bear market sentiment, TAMA has continually attracted new crypto investors. 

The two crypto giants also purchased their share in the project just before the presale ended, making them spend 55.8ETH and 40ETH, respectively.

Solana (SOL)

Solana (SOL) was designed to help in powering decentralized finance (DeFi) usage, decentralized apps (DApps), and smart contracts. SOL runs on its unique hybrid proof-of-stake and proof-of-history mechanisms that procures transactions faster and more securely than most in the crypto world. 

SOL happens to be Solana’s native token, which also powers their platform. SOL was launched sometime in 2020, its price started at $0.77. and after a few months, its price reached a whopping $33.72, which is a profit of nearly 4,279%.

Conclusion

There are lots of factors that can influence the fastest-growing cryptocurrency for 2022. It could be the number of investors buying a particular token in huge quantities, having a diverse range of strong assets, or having large communities demanding it to be used in a platform that accepts it.

No matter what, the cryptocurrencies offered here have the best chances of rapid growth in the future. Note that Cryptos that have fast impulsive moves that don’t have any building support, can crash just fast as they grow.

So it is recommended that you carry out your due diligence before you invest in any particular cryptocurrencies.

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