Bitcoin News and Finance
SBF Was ‘Delusional,’ Will ‘Spend Time in Jail’ Says Galaxy’s Mike Novogratz — ‘He Needs to Be Prosecuted’ Skip to main content

SBF Was ‘Delusional,’ Will ‘Spend Time in Jail’ Says Galaxy’s Mike Novogratz — ‘He Needs to Be Prosecuted’

Galaxy Digital’s CEO Mike Novogratz talked to Andrew Ross Sorkin on CNBC’s Squawk Box and gave his reaction to Sam Bankman-Fried’s (SBF) recent New York Times (NYT) Dealbook Summit interview. Novogratz said that SBF was “delusional” and insisted that the former FTX CEO needs to be prosecuted and further said, “he will spend time in jail.”

Mike Novogratz: ‘Sam Was Delusional’

The billionaire and CEO of Galaxy Digital, Mike Novogratz, was very candid about what he thought about Sam Bankman-Fried’s (SBF) most recent interview held virtually at the NYT Dealbook Summit. Novogratz explained that SBF needs to take responsibility for his actions and stressed that the comments he made during the interview were “delusional.”

“Let’s be really clear. Sam was delusional about what happened and his culpability in it,” Novogratz told the CNBC Squawk Box host Andrew Ross Sorkin on Thursday. “He needs to be prosecuted. He will spend time in jail. They perpetuated a large fraud. And it wasn’t just Sam. You don’t pull this off with one person,” Novogratz added. The Galaxy CEO added:

I’m not saying he even planned this all like a criminal mastermind. What they did was criminal and they need to be prosecuted for it.

Novogratz said that prosecuting specific people for the wrongdoings that happened at FTX would not only be good for the crypto industry, but for the entire financial industry as a whole. “I’m hoping that the authorities get to the bottom of this faster,” Novogratz remarked. “Not just for the sanctity of the crypto markets, but for all markets. Markets are based on trust and when you have trust broken like this, it questions everyone else.” Novogratz continued:

People start looking for black swans everywhere. So in some ways this is the story of the moment because it’s such a giant story. But your seeing someone who is just spewing more lies. Listen, Sam has always been kind to me and he has a kind demeanor … but that was part of the schtick.

Novogratz’s Galaxy Digital was also one of the crypto companies exposed to the FTX fallout. On Nov. 9, 2022, Galaxy disclosed publicly that the company’s ties to FTX led to approximately $76.8 million in exposure. Novogratz also talked to Sorkin about the FTX situation last Wednesday on Squawk Box, and he said that the FTX collapse created a “deficit of trust” within the crypto industry.

“I think coins should be segregated in your account, and they shouldn’t be lent unless you give them permission to lend,” Novogratz explained. “This is always about building trust with your clients. And right now we’re in a deficit of trust. People think there’s a black swan around every corner, that everyone else is a sociopath, saying one thing and doing something else,” the Galaxy Digital CEO added.

Speaking with Sorkin again during his interview on Thursday, Novogratz said crypto companies need regulation. “I think the money side of crypto, companies like ours that buy and sell and lend and do derivatives, are going to get regulated and should be,” the investor said.

Customer funds should never be co-mingled without the customer’s permission Novagratz insisted, and he further argued that all crypto platforms should explain this in their terms and conditions concisely. As far as the crypto industry, in general, and as far as crypto assets like bitcoin and ethereum, Novogratz said he still believes the digital currency ecosystem has a bright future.

What do you think about Galaxy Digital’s Mike Novogratz and his opinion about the former FTX CEO? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory