Sam Bankman-Fried (SBF), the former CEO of FTX, has been on a media tour recently. He has appeared on the Theatrical, the Good Morning America show, and the New York Times Dealbook Summit. In addition, he has done an interview with New York Magazine. Despite all this media attention, the crypto community still has many questions about the mistakes made by SBF. He is being presented as the “The Bitcoin Foundation”. “boy next door”, but many are still wondering what caused the crash of the FTX exchange.
Crypto Community Unsatisfied With SBF’s Answers
At the Dealbook event, SBF said that he did not knowingly mix funds. When asked why he decided to risk his life savings, he replied “I am deeply sorry for what happened”. This explanation has not satisfied the crypto community. They have questioned why he is being treated with such finesse and expressed their anger at the positive reaction he received at the Dealbook event. As one person noted, a Bahamian man was recently sentenced to 2 years in prison for stealing $6 worth of hot dogs, yet SBF is being portrayed as a victim.
Take a close look at Mainstream Media And you’ll see who was paid to make that happen. #SBF It It has a very clean image.
— David Gokhshtein (@davidgokhshtein) November 23, 2022
On Good Morning America, SBF said that he did not know that there was some inappropriate use of client funds. Max Boonen pointed out that it is better to be seen as an incompetent CEO than to risk one’s life. Another tweet mentioned how SBF is receiving huge media attention, despite the fact that Aaron Swartz, who downloaded academic journals for sharing with the world, was sentenced to 35 years in prison and a fine of $1,000,000.
It It is true that SBF is receiving huge media attention. I was surprised. The Hunger Games It was an absurd fiction. And Yet, here we are.
—Jeffrey A. Tucker (@jeffreyatucker) December 1, 2022
In an interview with New York Magazine, SBF blamed his woes on “mislabeled accounting” practices and the fact that he doesn’t know how to program. He also said that accounting errors were made at different times “when FTX did not have bank accounts.” He further explained that a large margin position was achieved and it was “not going to close in on a liquid basis to meet its obligations.” SBF also said he doesn’t know how to program, but he does know how to manage money.
The investigation into the mistakes of SBF continues, as the crypto community is unsatisfied with the answers they are receiving. Until now, the former FTX exec has not been held accountable for the $10 Billion in client assets that were lost.
The crypto community has been abuzz with speculation and questioning since the former CEO of FTX, Sam Bankman-Fried (SBF), launched his media tour. Although he has addressed some of the issues surrounding the liquidity crisis of FTX and its associated token, FTT, many questions still remain unanswered.
SBF stated during his appearance on Good Morning America that he was aware of the funds being transferred when the bankruptcy filing occurred. He also clarified that Alameda Research was distinct from FTX and that he had not managed the company for some time.
The former CEO of FTX failed to explain, however, why $333 million worth of BTC disappeared between November 6 and 7, 2022. He also did not address why customers were assured their assets would be safe if they did not use margin positions.
SBF’s media tour has left many in the crypto space looking for strong answers from the disgraced leader. It remains to be seen whether they will get the answers they seek during this current media blitz.
The community is encouraged to share their thoughts on this topic by leaving comments below. Are you a fan of SBF’s media tour? How did he answer questions regarding the fall of FTX? Let us know in the comments.
