Cardano CEO Slams SBF as the ‘Bernie Madoff of Crypto’
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Charles Hoskinson, the visionary founder of Cardano, has launched a scathing critique of Sam Bankman-Fried (SBF), the former CEO of crypto exchange FTX, who currently faces trial on multiple counts of fraud and conspiracy linked to the exchange’s collapse. In a bold comparison, Hoskinson likened SBF to the infamous Bernie Madoff, infamous for orchestrating the largest Ponzi scheme in history.
Cardano CEO Says SBF Is Getting a Free Pass With the Media
In a series of striking posts on X, Hoskinson took aim at both the media and author Michael Lewis, who penned a book about SBF that has garnered significant attention. He accused the media of providing SBF with a “free pass,” despite mounting evidence of his alleged misdeeds. Hoskinson criticized Lewis’ work as an “apology tour” and alleged that there exists a “group of people who want to get a public exoneration for SBF.”
Looking at Michael Lewis's dumpster fire of a book, there seems to be a group of people in the elite circles who desperately want to somehow get a public exoneration for SBF. We saw this with the kid gloves treatment by the New York times and now a book that's basically an…
— Charles Hoskinson (@IOHK_Charles) October 9, 2023
Hoskinson expressed disbelief at the leniency SBF is seemingly receiving, dubbing him “the Bernie Madoff of my generation.” He suggested that this case highlights the “profound corruption” within the system, particularly when individuals possess “the right friends.”
Accusations Mounted Against SBF
SBF stands accused of orchestrating the embezzlement of billions of dollars from FTX customers by utilizing a clandestine backdoor to divert funds to his hedge fund, Alameda Research. Interestingly, he has entered a plea of not guilty to seven counts of fraud and conspiracy.
His trial, which commenced last week, is set to resume with testimonies from former colleagues and his girlfriend at FTX and Alameda. The outcome of this high-profile trial carries substantial implications for the crypto industry and its regulatory framework.
Charles Hoskinson’s strong condemnation of Sam Bankman-Fried underscores the contentious nature of this trial and the broader conversations surrounding accountability in the crypto world. As the trial unfolds, the crypto community, regulators, and the public at large will be keenly watching the proceedings, as they may shape the future of the industry.
