Even after a month, the fall of FTX is still a topic of discussion within the crypto community. Some try to explain the real reason for the collapse of this empire. Others focus their analysis on the company’s founder, Sam Bankman-Fried. Opinions are indeed divided. For some, SBF would be a visionary victim of mismanagement (having unknowingly mixed the funds of Alameda and FTX clients). For others, like CK Zheng, the CEO of FTX would be the Bernie Madoff of our time.
Sam Bankman-Fried, a Madoff of the crypto world
Bernie Madoff was a famous American financier. He was more exactly the executor of the greatest Ponzi scheme in history. The man fooled thousands of investors out of tens of billions of dollars for several months. He is believed to be the fund manager responsible for the greatest financial fraud in modern history.
During a interview with ValueWalk, CK Zheng uses the same theorem. According to the founder of ZX Squared Capital, the CEO of FTX would indeed be comparable to Bernie Madoff (with one detail). Sam Bankman-Fried was smarter, as he managed to fool many crypto users over a period of 2-3 years. This 30-year-old seduced more than one by his speech and his way of speaking.
Alameda and FTX fund mix: CK Zheng gives his opinion!
According to CK Zheng, the situation is “even more bizarre compared to the traditional financial space”. He finds indeed ridiculous the allegations according to which the funds of FTX would have been mixed with those of Alameda Research. For him, such a mixture could never be done unconsciously.
The founder of ZX Squared Capital talks about “twisting” using a coin issued by FTX itself as collateral.
Is Sam Bankman-Fried the crook of the century or a victim of the ruthless crypto universe? The future will tell. The latest news is that the founder of FTX is set to testify before a commission headed by Senator Sherrod Brown. But it seems that SBF did not respond to this invitation.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
