Crypto

Crypto Investor Scammed By FTX: “I Made The Wrong Decision”

Crypto entrepreneur and investor Evan Luthra lost $2 million after being caught off guard by FTX.

I made the wrong decision to trust someone like FTX and give them my bitcoin, give them my crypto so they can give me IOUs. And then they sank and they ripped us off. So a really big lesson for me, a really big lesson for everyone,” Luthra said Thursday during an interview on FOX Business’ “Cavuto: Coast-to-Coast.”

Even so, the shocking collapse of one of the crypto industry’s largest exchanges hasn’t deterred the 27-year-old from catapulting back to the crypto world.

“I’ve been buying every day since I got the chance. I think now is the perfect time to buy. The main philosophy behind the main bitcoin fundamentals hasn’t changed. The reason I’m investing in bitcoin hasn’t changed. So for me there’s a great opportunity to buy long term, so I’m buying more bitcoin,” Luthra said on “Varney & Co.” on Wednesday.

Evan Luthra has lost nearly $2 million since FTX’s collapse ((Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images) / Getty Images)

Despite many investors’ reluctance to re-enter the crypto world, Luthra says continuing to invest in bitcoin and the crypto space has made him a “more fundamental” investor.

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You could have an automaker taking shortcuts and then scamming the industry. That’s not to say electric vehicles are bad. So it’s like bitcoin itself, the fundamentals are still very strong and if you have bitcoin in your hard wallet, in your hand, you haven’t lost any money today,” Luthra explained Thursday.

The entrepreneur further bolstered his confidence in the rudimentary fundamentals of cryptography, claiming that FTX’s collapse was due to an “individual” who was a “very bad businessman, but a very experienced con man”.

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

He [Sam Bankman-Fried] lied every moment about what he did. It is not an overnight failure. It’s not a business that didn’t work. They were the ones cheating people. This is the FTX taking the stage and going public and tweeting that the funds are safe and secure. They were never safe. They used it to buy houses,” he said.

Asked about the depth of investigative steps taken by Luthra before investing in the stock market, he said he was unable to perform “thorough due diligence” of the company.

“I don’t have any audit records. I could only test what the market shows. The market made you believe this is a company you can trust,” Luthra explained.

Despite its heavy financial losses in the crypto space, Luthra claimed bitcoin was the “best investment ever.”

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