Is Sam Bankman-Fried really the Bernie Madoff of crypto?

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Last Updated on 17 November 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Unless you’ve been asleep over the past two weeks, you may have heard of the collapse of crypto platform FTX (and it’s coin FTT), which took not only Sam Bankman-Fried and his friends with them in his fall, but also a bunch of celebrities.

American football legend Tom Brady and his former supermodel wife Gisele Bündchen are just some of the names who have lost millions of dollars apparently. Shark Tank star Kevin O’Leary (who referred to SBF like the Warren Buffet of crypto) apparently is another.

YouTube video

With that, business media is starting to compare the fall of crypto legend Sam Bankman-Fried to that of finance legend Bernie Madoff.

Advertentie.

Democratic donors

Problem for Sam in that comparison is that Bernie died in prison after being convicted to multiple life prison terms because of the fraud felonies he committed. Not sure the 30-year-old wants that kind of future. At least Madoff had reached the age of 70 before he was arrested.

Another problem, this time for the Democratic party of President Joe Biden, is that this now means that several famous Democratic party donors (like Madoff, Epstein, Weinstein and (probably) Bankman-Fried) will end up as convicted felons, and that is not a good look for a President.

Amphetamine

Lastly, pundits on the Republican side have also uncovered that Caroline Ellison, the CEO of FTX-sister company Alameda Research, is the daughter of the former boss of SEC chair Gary Gensler (she also tweeted quite a few times about amphetamine use according to the New York Post).

That’s the same Gensler who said he would regulate the ‘wild west’ which is crypto. Not much credibility left there then.