Vitalik Buterin Highlights Ethereum's Decentralization in Contrast to FTX Collapse
At Devconnect Argentina on November 17, 2025, Vitalik Buterin emphasized Ethereum's nature as a decentralized and community-driven platform, contrasting it sharply with the centralized exchange model exemplified by Sam Bankman-Fried's FTX. Buterin described Ethereum not as a company but as a collaboration of many people working together for each other, unlike a company which operates as a hub-and-spoke with centralized control.
He pointed out that FTX and Alameda Research misused customer funds to cover trading losses, leading to the exchange's collapse. Sam Bankman-Fried was subsequently sentenced to 25 years in prison on charges including fraud, money laundering, and conspiracy.
Ethereum's development process, according to Buterin, is open and community-driven, with incremental upgrades proposed and scrutinized by the community. In the wake of the FTX collapse, decentralized exchanges like Hyperliquid have gained popularity as trust in centralized exchanges has declined.
Ethereum's price reached near $5,000 in August 2025 but had fallen approximately 39% to trade below $3,000 as of November 17, 2025.
