Sam Bankman- Fried should be in jail by now. It is baffling to me why he is not in custody yet.
There is a very open and shut case for fraud if someone is able to make a case based on his statements. He said that the people he talked to seemed to agree on that.
The media has not called Bankman- Fried a criminal.
We were all shocked to see the extent of the fraud. Let's call it a scam. It needs to be called what it is. Mainstream media hasn't come out and say that this guy is a criminal. They might want to wait until he is indicted and in custody. At this point, it seems like that is the case.
FTX collapsed in spectacular fashion last month. Tom Brady and other celebrities were enlisted by the exchange to bolster its image. It shook confidence in the sector and led to calls for tighter regulations.
Bankman-Fried stepped down as FTX CEO on the same day that the company filed for Chapter 11. Bankman- Fried is accused of using customer funds from his exchange to fund risky bets.
FTX is acryptocurrencies exchange. Unlike FTX in the Bahamas, which was a public company, coinbase is a public company in the United States.
There is a way to read our financial statements. You don't need to trust us because they're audited by a third party. Customer funds are kept separate. Customer funds are not invested without their explicit direction.
The other luminaries shared harsh views of Bankman-Fried. The CEO of the firm said that Sam and his associates perpetuated a fraud. Customer money was used to make bets that the man wouldn't be able to manage.
He took our money. He needs to be brought to justice. The people should go to jail.
Last month, shares in both of the companies plunged. About $44 billion in value has been erased by the fall of the shares of the company. "I actually believe most of the companies are not going to be around when I'm gone," said Larry Fink, the CEO of Blackrock.
Mark Cuban said that Bankman-Fried should be worried about prison time.
He said he would be scared of going to jail if he were him. It definitely sounds terrible. I had no idea that he was going to take other people's money and use it for his own purposes. That seems to be what happened.
There is a lot of bad actors in the sector.
We have to come to terms with the fact that our industry is attracting a lot of fraudsters and scam artists. That is really sad. It doesn't mean it's representative of the industry.
The Impact Report newsletter will look at how ESG news and trends are shaping the roles and responsibilities of executives. You can subscribe here
All Rights Reserved © 2024
