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Cardano Founder Equates FTX’s Bankman-Fried to Bernie Madoff Amid Controversial Trial 2m ago by

Charles Hoskinson, founder of Cardano, has equated Sam “SBF” Bankman-Fried, ex-CEO of FTX, to the notorious fraudster Bernie Madoff.

He criticized the media for allegedly turning a blind eye to Bankman-Fried’s alleged wrongdoings.

Bernard Lawrence Madoff orchestrated the most significant recorded Ponzi scheme, valuing $64.8 billion.

Hoskinson’s reference to Madoff draws a parallel to what he perceives as the media’s oversight regarding SBF and FTX’s reported misappropriation of user funds.

On Oct. 9, Hoskinson took to X (formerly Twitter) to voice his concerns about the media’s portrayal of SBF, especially after FTX’s downfall.

He specifically mentioned Michael Lewis’s recent book on SBF, describing it as an “apology tour.” Hoskinson expressed frustration, stating it seems like some individuals are trying to publicly vindicate SBF.

FTX, once the third-largest crypto exchange, crashed in November 2022 after a notable fundraising round earlier that year.

While SBF attributed the failure to external factors and liquidity issues, U.S. enforcement agencies painted a different picture.

These investigations led to Bankman-Fried facing seven charges of conspiracy and fraud related to FTX’s collapse, which he denies.

READ MORE:DORIC Blockchain Unveils Groundbreaking Platform: Elevating Asset Tokenization and Fractional Ownership to New Heights

The trial began on Oct. 3, revealing that Alameda Research, founded by SBF, might have had a covert route into FTX to channel users’ money since 2019.

Details from the trial also exposed SBF’s significant PR expenditure, including million-dollar engagements with celebrities like Tom Brady and Kevin O’Leary.

Other alleged spending involved private planes, Super Bowl commercials, and potentially a proposition to Donald Trump with a $5 billion offer to deter him from running for office.

The trial’s initial week mainly revolved around the mysterious disappearance of $8 billion from FTX’s user funds.

In unrelated news, an NFT from the CrypToadz collection sold for a staggering 1,055 Wrapped Ethereum ($1.6 million) on OpenSea on Oct. 9.

This purchase raised eyebrows, especially since the NFT was bought for approximately $1,600 just two weeks prior.

Funding for this transaction originated from a wallet with transactions anonymized by Tornado Cash, an Ethereum coin mixing service.

Speculations abound on whether this was a genuine error or a possible instance of wash trading.

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