Crypto investors witnessed the downfall of many bad actors in the field last year. The biggest collapse was FTX’s bankruptcy, which caused the price of Bitcoin to hit a new low below $20,000, its previous all-time high. Now, SBF is struggling to combat the confessions of his accomplices in court.
The founder of FTX, SBF, unintentionally confessed to many of his crimes in the Twitter Space broadcasts and interviews he participated in last year. However, even as the exchange collapsed and after it collapsed, we still saw media outlets trying to exonerate him. Some of them were politically motivated, while others focused on financial interests. The founder of Cardano recently addressed the latter.
Hoskinson refers to author Michael Lewis’s latest book, ‘Going Infinite,’ in which Lewis claims to have spent over 100 hours with Sam to understand his life before the collapse of the FTX exchange. Hoskinson and many crypto pioneers believe this is an attempt to exonerate someone who admitted to being a fraudster. Hoskinson said:
“If you look at Lewis’s terrible book, it seems that there is a group of people in elite circles who desperately want SBF to be exonerated in public.”
Hoskinson claims that the media’s skepticism about SBF’s guilt is due to his relationships.
“Especially if you have the right friends, it really shows how corrupt things are.”
During the bankruptcy period, some mainstream media outlets claimed that SBF, the golden boy of the United States, went bankrupt because he was targeted by CZ, who is from China. This criticism was not limited to the media alone. Some Democrats in the House of Representatives also did the same.
SBF, who openly admitted to selling unreal cryptocurrencies to exchange users, drew the justified anger of the crypto community. FTX, the fraudulent exchange that used customer assets for investments and luxury expenses through Alameda, relied on inflated cryptocurrencies as collateral. If a token has a circulating supply of 1 million and a maximum supply of 1 billion, SBF can easily inflate the diluted value of this token to $1 billion. However, this token will never reach a market value of $1 billion because as the circulating supply increases, the price should decrease.
SBF regarded the massive locked reserves of tokens issued with low circulating supply as the equivalent of customer assets. This belief was not well-intentioned.
CoffeeZilla, a well-known figure in the crypto world, claims that the book is a “complete defense of SBF.” He argued that the book paid more attention to the intentions of FTX’s current CEO, John J. Ray III, compared to SBF’s intentions.