FTX’s African student envoy blamed for cryptocurrency empire’s downfall!

Writer: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since a few years. He has earlier buying and selling expertise and has been working within the Fintech business since 2017.

Oct 30, 2023 23:03

FTX’s scholar ambassador program in Africa got here below heavy scrutiny after the corporate collapsed final November, with folks blaming the ambassadors for losses they incurred in consequence. FTX’s program, which focused college college students to turn into “Model Ambassadors” and host meetups on campuses, paid college students 30% of transaction charges paid by folks they referred, on high of a $500 month-to-month bonus. Nonetheless, most of the ambassadors lacked buying and selling information, drawing folks into FTX with out warning them of potential losses. This system had greater than 10,000 members, however the channel has now been closed.