Every sentence he makes in public — and he's making a lot of them right now — only serves to make things worse.
Editor’s note: What is he doing?
Connor Sefton writes…
Sam Banksman Freud really seems to be a glutton for punishment.
After a crypto Twitter thread where he spelled out what happened — one letter at a time — the fallen crypto entrepreneur issued a verbal apology to FTX users.
Every sentence he makes in public — and he’s making a lot of them right now — only serves to make things worse.
SBF let his mask slip in jaw-dropping DMs where he called “f*** regulators” and infuriated crypto-Twitter by participating in a strangely sympathetic New York Times article.
After watching a multibillion-dollar empire explode in a matter of weeks, and thousands out of everyday consumers’ pockets, you’d really think the 30-year-old would try to keep a low profile until the dust settles. . You would be wrong.
SBF has confirmed that he will be speaking to journalist Andrew Sorkin at the DealBook Summit next Wednesday – and will no doubt be asked some uncomfortable questions.
It is really hard to see what Bankman-Freud gains from such interviews. All they’ll do is infuriate FTX users — and provide even more ammunition as regulators launch investigations and class-action lawsuits are filed.
But on the bright side, SBF’s continued presence could help shine a light on what went down on the exchange, which until recently was one of the world’s largest.
If only it had been so transparent with the young entrepreneur a little earlier.
Calls for FTX Prosecution are Growing 🚨
The Department of Justice is being urged to investigate the FTX collapse — and, if necessary, take legal action. Two US senators are calling for the “flesh and blood” victims of the exchange’s death to be remembered. Elizabeth Warren and Sheldon Whitehouse alleged that Sam Bankman Freud employed “deliberate and deceptive tactics” during his tenure as CEO. Galaxy Digital’s Mike Novogratz told CNBC that the SBF “definitely did things with our coins that were illegal” — and that it sent the 30-year-old “around the Bahamas doing press conferences. Criticized for running away. And expressing confidence that the troubled businessman will face consequences, he added: “I think his day will come.”
Who is responsible for the end of FTX? 👀
Sam Banksman Freud is not the only one to be blamed for what happened at FTX. Tom Emmer, a crypto-friendly politician, has argued that SEC Chairman Gary Gensler is almost as guilty. He has accused the regulator of giving “special treatment” to SBF and its business – telling Fox News that the SEC has been ineffective: “[Gensler] Where was he on Celsius? Where was he on Voyager? Where was on Terra/LUNA? And now where was Gary Gensler on FTX?” Not all of his teammates were so hard on Gensler. Senator Cynthia Loomis pointed out that enforcement action against complex firms can take years to develop. His Republican colleague Pat Toomey also pointed out that most of FTX is in the Bahamas.
Football mania reaches crypto ⚽️
With the World Cup now underway, soccer (or soccer if you’re reading us in the U.S.) is buzzing with Cristiano Ronaldo launching an NFT collection in partnership with Binance — coming in the same week as His sudden departure Manchester United. Meanwhile, it seems that fan tokens are being used to vent anger at the performance of some national teams. The Argentine Football Association’s ARG fan token fell by nearly a third, falling from $7.26 to $4.90 amid a surprise upset by Saudi Arabia. On the other hand, the “floor price” of “Saudi’s NFT collection increased by 50% during the game, with sales volume increasing by nearly 1,000%, NFT site OpenC reported.
‘Web 3 will be a crime target in 2023’ 😬
Cybersecurity firm Kaspersky said the metaverse, NFTs and Web3 will become a bigger and bigger playground for cyber thieves, phishers and scammers. The Russian firm’s Crimewave and Financial Cyber Threats 2023 report warns that these attacks will be most prevalent in the entertainment and gaming sectors. That said, Kaspersky also believes that people are getting savvy about simple scams like gift backs, in which someone — often posing as a celebrity — sends someone double the amount of BTC. offers (or something similar) they send as a way of “giving back”. to the community.” Another prediction is that ransomware blackmailers will increasingly turn away from traceable Bitcoin in favor of privacy coins like Monero and Zcash.
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