The Times quoted Bankman-Fried extensively for a story whose headline reads: “How Sam Bankman-Fried’s Crypto Empire Collapsed.”
SBF committed fraud by stealing billions of dollars worth of customers funds while lying to everyone the entire time— ChainLinkGod.eth Novak points out that Bankman-Fried expressed little remorse in the interview. The FTX founder told the Times that his crypto exchange company “expanded too quickly” and that he “missed the warning signs.”
FTX’s collapse was hastened after Changpeng Zhao, the CEO of rival Binance, announced on Twitter earlier this month that he was selling his cache of FTT — this just three years after Zhao bought a 20% stake in FTX. “In reality, FTT was created by SBF for the same reason that any other cryptocurrency has been created: as a speculative asset that allows early investors to extract wealth from people who place money into the asset after the price has soared,” Gizmodo’s Novak writes.
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