cryptonews: 'If I were him, I'd be afraid of going to jail for a long time.', said crypto investor Mark Cuban about the recent FTX news.
Asked about disgraced FTX CEO Sam Bankman-Fried, billionaire Dallas Mavericks owner and crypto investor Mark Cuban said on Tuesday that while he didn't know all the details of the case: "If I were him, I'd be afraid of going to jail for a long time."
The reported reason was Bankman-Fried allegedly loaning as much as $10 billion of FTX customers' funds to Alameda using a very illiquid token created by FTX as collateral. Initial reports from the restructuring management team put in place after the bankruptcy filing say there's an $8 billion hole following the collapse of that FTT token.
When Fong asked him why FTX US filed for bankruptcy when he'd said it was solvent, Bankman-Fried called himself a "f****** idiot" for letting himself be "coerced" into it."I would give anything to unfile that right now." That a claim he returned to later, when asked if reports of post-bankruptcy accounting suggesting FTX international clients will get almost nothing are accurate. He replied:
"It's where I am right now. And you do not want to be in the country with a lot of angry people in it. And you do not want your company to be incorporated in the country with a lot of angry people in it.""Realistically speaking it's s*****, but the pathway forward for FTX involved Bahamians not being pissed at it.
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