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

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Oct 30, 2023 23:03

FTX’s student ambassador program in Africa came under heavy scrutiny after the company collapsed last November, with people blaming the ambassadors for losses they incurred as a result. FTX’s program, which targeted university students to become “Brand Ambassadors” and host meetups on campuses, paid students 30% of transaction fees paid by people they referred, on top of a $500 monthly bonus. However, many of the ambassadors lacked trading knowledge, drawing people into FTX without warning them of potential losses. The program had more than 10,000 members, but the channel has now been closed.