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Bankman-Fried’s Interivew Is Impacting the Crypto Market Community

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Justice SBF

The crypto market community continues to talk about the most recent interview that Sam Bankman-Fried gave to Andrew Ross-Sorkin of The New York Times. Mike Novogratz, for example, the CEO of Galaxy Digital, mentioned that Bankman-Fried is ‘delusional’ and that lots of people should go to jail over FTX collapse. 

Bankman-Fried’s Interview Impacts the Crypto Market Community

In a recent interview, Sam Bankman-Fried, the ex-CEO of the FTX cryptocurrency exchange, talked about the whole collapse of the platform and which was the relationship between Alameda and FTX. Despite the fact that he left many comments to analyse and that multiple lawyers are already working on, Novogratz was surprised that his lawyers are allowing him to speak in the way he did. 

Moreover, Novogratz said that Sam committed fraud and that there have been many individuals involved in what he did. 

About it, Novogratz mentioned:

“It’s kind of surprising that his lawyers are letting him speak. Having watched two interviews, the word delusional kept coming to mind. The reality is that Sam and his cohorts perpetuated a fraud. He stole money from people, people should go to jail.”

Multiple companies and investors have been affected by the recent implosion of FTX. This has increased the selling pressure on Bitcoin and other virtual currencies, pushing BTC below $16,000 for a short period of time a few weeks ago. 

Jesse Powell, the co-founder and CEO of the Kraken cryptocurrency exchange, wrote on Twitter that SBF does not know what he is talking about when it comes to margin trading. Powell explained that the way in which SBF described the way in which margin works was completely wrong. 

The whole situation linked to the FTX exchange and the FTT digital currency is only creating more confusion and anger among investors. At the moment, SBF is in the Bahamas without any restrictions to move or work in the country. 

Despite the fact that there is an investigation ongoing about what happened to the international exchange of FTX, the justice of the United States will take a long time before there will be some clear results. 

Jesse Powell explained that the exchange was printing coins like a central bank and that there were no limits to how much money from clients they could borrow, only backed by FTT tokens that had no value. 

“They had more tokens in the system than they actually had balances,” said Powell on Twitter. “So they weren’t capped by lending from client balances. They were literally just printing new coins like a central bank.”

FTT, the native token of the FTX platform collapsed from over $25 per coin a few weeks ago to $1.28 a few hours ago. It is just a matter of time to see what will happen with FTT and FTX considering that there are thousands of investors that have lost their life savings due to a lack of risk management and understanding of the crypto market. 

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