The sudden collapse of the cryptocurrency market and, in particular, a company connected to a significant cryptocurrency exchange, is having a significant impact on investors. Investors are being significantly affected. Among the several cryptocurrency exchanges operating in the nation, FTX is one of the largest.

It was recently estimated to be worth $32 billion, but it has decided to file for bankruptcy. Investors are unable to get any of their money off of the site at the moment for various reasons. The failure of FTX has been detrimental to the financial well-being of investors of all sizes.

Evan Luthra, a successful entrepreneur and investor in cryptocurrencies, suffered a loss of $2 million as a direct result of the FTX scandal. "I trusted somebody like FTX and gave them my bitcoin, giving them my crypto so that they could give me 'IOUs.' This was a poor decision on my part," the speaker said. "I should have known better." They eventually failed, and throughout that time they committed fraud on us. "So that was a very significant lesson for me, and I think it should be a very large one for everyone," Luthra said on Wednesday's episode of "Varney Company."

Luthra also stated that his continued investment in bitcoin and the crypto sector has transformed him into a "more fundamental" investor, despite the reluctance of many investors to return to the world of cryptocurrencies. Luthra made this statement despite the fact that many investors are hesitant to return to the world of cryptocurrencies.

According to what he claimed, Sam Bankman-Fried has been lying about what he has been doing on a continuous basis.

According to Luthra, this was neither a commercial venture that was unsuccessful due to a lack of success, nor was it a failure that occurred suddenly. Instead, he said, they were deceiving other individuals with their scheme.

"This is the FTX stepping on stage and going publicly and tweeting that money are safe and secure," the company said. They were never safe at any point. They were putting it toward the purchase of homes. I do not possess any records pertaining to auditing. I was only able to test based on what the market displays. The company's reputation in the market led you to believe that it is a reliable business, he continued.

The businessman continued to express his confidence in the fundamental tenets of cryptocurrency, claiming that the failure of FTX was due to "an individual" who was "very bad at business" but "very experienced at con artistry."