Galaxy Digital CEO Mike Novogratz is predicting that disgraced former FTX CEO Sam Bankman-Fried will face jail time for allegedly committing fraud.
In a brand new interview with CNBC Squawk Field host Andrew Sorkin, the billionaire says Bankman-Fried is failing to take accountability for his actions, the identical ones that led to the downfall of the once-prominent crypto trade.
Novogratz reacts to Sorkin’s current interview of Bankman-Fried on the New York Instances DealBook Summit.
“You’re seeing somebody who’s simply spewing extra lies. Sam has all the time been variety to me. He has a sort demeanor. That was a part of the shtick. And I’m not saying he even deliberate this all like a legal mastermind. What they did was legal they usually must be prosecuted for it.”
Bankman-Fried is accused of mishandling billions of {dollars} value of buyer funds by allegedly loaning them to Alameda Analysis, FTX’s buying and selling department. Bankman-Fried advised Sorkin he didn’t knowingly co-mingle any funds.
Based on Novogratz, authorities must prosecute Bankman-Fried as rapidly as attainable to revive investor belief within the markets.
“He must be prosecuted. He’ll spend time in jail. They perpetuated a big fraud and it wasn’t simply Sam. You don’t pull this off with one individual. And so I’m hoping that the authorities unravel this quicker, not only for the sanctity of the crypto markets, however for all markets.
Markets are based mostly on belief and when you will have belief damaged like this it questions everybody else. Folks begin searching for Black Swans in all places.”
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