Arthur Hayes, co-founder of the cryptocurrency derivatives platform Bitmex, criticized Sam Bankman-Fried, former CEO of FTX, following a recent blog post. In the blog post, Bankman-Fried said “Alameda failed to sufficiently hedge its market exposure” and “an extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent.” Hayes, a prominent member of the cryptocurrency community, has significant knowledge about cryptocurrency derivatives exchanges, as Bitmex was one of the largest since its inception in 2014.

“The exchange should never lose money if a customer gets liquidated,” Hayes tweeted on Friday. “There is no excuse [for] giving [your] hedge fund Alameda an account with liquidation turned off. All this talk about what Alameda did is misdirection. It doesn’t matter how they hedged or didn’t hedge, or what dogsh** was in their portfolio,” the Bitmex co-founder added.