Charles Hoskinson, the founder of Cardano, has responded to TV host Jim Cramer’s comments on cryptocurrency, known for his statements being the opposite of what actually happens. In a bold move, Hoskinson shared a video containing an old post from June of 2022, in which Cramer compared Sam Bankman-Fried to the global giant JP Morgan.
Meanwhile, Hoskinson did this following legal troubles that could potentially lead to Sam Bankman-Fried being sentenced to up to 115 years in prison after being found guilty of seven different charges.
The response of Charles Hoskinson, the founder of Cardano, to TV host Jim Cramer’s comments on the crypto space has drawn attention. In the video shared by Hoskinson, Cramer compared Sam Bankman-Fried, the founder of the crypto exchange FTX, to JP Morgan. In his statement in June 2022, Cramer shared the idea that Bankman-Fried is essentially the new JP Morgan, referring to the importance of his role in the crypto world.
However, the joke made after Sam Bankman-Fried was found guilty in the lawsuit seems to have taken on a more serious tone. On November 2, 2023, US Prosecutor Damian Williams announced that Bankman-Fried had been found guilty of all seven charges against him. This decision was announced after a trial that lasted about a month.
Following the LUNA disaster, FTX’s collapse in November 2022 hit the recovering crypto market like a bomb. This situation resulted in billions of dollars in losses for individual and institutional investors.
The date of Bankman-Fried’s sentence was also determined as March 2024 after his latest trial, and he could potentially receive a prison sentence of up to 115 years. Among the significant charges against him are fraud and money laundering.
Meanwhile, Williams made the following statement:
Sam Bankman-Fried has committed one of the biggest financial frauds in American history. The cryptocurrency industry may be new and figures like Sam Bankman-Fried may be new, but this type of fraud and corruption is as old as time, and we have zero tolerance for it.
This is not the first altercation between Charles Hoskinson and Jim Cramer. In June, Hoskinson sarcastically corrected Cramer for mispronouncing and misspelling Cardano, which is still among the top 10 cryptocurrencies in terms of market value.
For context, during a live TV segment, Cramer mistakenly pronounced the cryptocurrency Cardano as “Car Danzo.” In response, Hoskinson jokingly corrected the mistake with a post saying, “This is Car Dano, Jim.”