Cryptomich Thinks “It’s Time For Sam Bankman-Fried To Go to Prison”
Last Updated on 11 November 2022 by CryptoTips.eu
US President Joe Biden seems to surround himself with questionable donors. During the presidency of Barack Obama, when Biden was still vice-president, the Democrats occupying the White House liked to be seen with Elizabeth Holmes, a self-made billionaire of a tech-company that promised to revolutionize healthcare.
The promise turned out to be false and Ms Holmes will now have to serve prison time after massive fraud collapsed her company known as Theranos.
US Congress
In the past two years, 30-year-old entrepreneur Sam Bankman-Fried became a major political donor to Joe Biden presidential campaign and was frequently asked as a speaker in the US Congress to discuss all things crypto. During that time, he built a crypto exchange called FTX into a $32 billion company. He was also very good friends with the Biden White House.
It’s time for SBF to go to prison.
— Michaël van de Poppe (@CryptoMichNL) November 10, 2022
Absolutely insane.
According to recent reports by Reuters, most of FTX was filled with investments into other companies propped up by the FTT coin, which has lost 90% of its value in the past week.
Speaking to the New York Times, Eswar Prasad, a Cornell University economics professor said that:
This episode highlights the vulnerability of the entire crypto edifice. Even large and apparently financially solid institutions turn out to have fragile and shaky foundations that crumble at the least hint of trouble.
The pressure on #Bitcoin, and the #crypto space in general, continues today as more information emerges — and more questions are raised — about the scale and scope of the }FTX debacle.
— Mohamed A. El-Erian (@elerianm) November 9, 2022
This is about more than over-leverage, hubris, and irresponsible risk taking. pic.twitter.com/9vnaN92ovi
Michael van de Poppe, the Dutch crypto analist who tweets under the moniker CryptoMich, went one step further and said yesterday that with all that is known now,
It’s time for Sam Bankman-Fried to go to prison
Thank you SBF, very cool. pic.twitter.com/sytx1Lazo7
— Wall Street Memes (@wallstmemes) November 10, 2022
VisualGeneration / Depositphotos.com
