Pavel Durov said that FTX went bankrupt due to excessive centralization

2 min readDec 1, 2022


Telegram plans to launch crypto wallets and decentralized exchanges on its decentralized auction platform Fragment. This statement was previously made by the developer of the service Pavel Durov.

“Fragment will go beyond usernames this week,” the founder of Telegram said.

Without revealing other details of the innovations, in addition, Durov said that “developers should move the blockchain industry away from centralization, creating fast and easy-to-use decentralized applications for the masses.”

Pavel Durov also spoke about the collapse of FTX. He believes that the crypto platform went bankrupt due to excessive centralization.

“The blockchain industry was built on the promise of decentralization, but ended up being concentrated in the hands of a few who began to abuse their power. As a result, many people lost their money when FTX, one of the largest exchanges, went bankrupt,” Durov wrote.

BlackRock CEO Larry Fink agrees with Durov. He also pointed out that FTX is a centralized platform, so its policies were contrary to the “basic principles of cryptocurrency.”

Fink believes that most centralized projects will leave the market. He is also sure that exchange-traded crypto funds are a prerequisite for the previous evolution of investing, and tokens are the next period of its development.

“I believe that the next stage in the development of markets will be the tokenization of securities,” said Fink.

Do you agree with this?