Cardano Founder Charles Hoskinson Accuses Sam Bankman-Fried of Being a Modern-Day Bernie Madoff
Charles Hoskinson, the founder of Cardano, has likened Sam Bankman-Fried to Bernie Madoff, the mastermind behind the largest Ponzi scheme in history. In a tweet, Hoskinson expressed his astonishment at how Bankman-Fried is receiving favorable treatment from the media despite his alleged wrongdoings. According to him, this highlights the extent of corruption, especially when influential individuals are involved.
Hoskinson Criticizes New York Times and Michael Lewis
Hoskinson also criticized the New York Times for what he referred to as their lenient treatment of Bankman-Fried in recent articles. Additionally, he targeted author Michael Lewis, accusing him of writing an “apology tour” book about Bankman-Fried. Hoskinson expressed his belief that there is a group of influential people attempting to publicly exonerate Bankman-Fried.
Lewis Defended FTX Against Ponzi Scheme Allegations
In his book titled “Going Infinite: The Rise and Fall of a New Tycoon,” Lewis defended FTX against claims of being a Ponzi scheme. He argued that if no one had cast doubt on the business and caused a run-on customer deposits, FTX would still be profitable. However, renowned short seller Jim Chanos disagreed with Lewis’s defense, stating that both FTX and Enron were insolvent rather than illiquid.
The Infamous Bernie Madoff Ponzi Scheme
Bernie Madoff orchestrated a $65 billion Ponzi scheme that affected prominent individuals such as Zsa Zsa Gabor, Kevin Bacon, and Steven Spielberg’s Wunderkinder Foundation.
Hot Take: Bankman-Fried’s Trial and Allegations
Sam Bankman-Fried, the founder of FTX, is currently facing trial in New York on charges of fraud and conspiracy related to the bankruptcy of the cryptocurrency exchange. The accusations against him have sparked controversy and divided opinions within the crypto community.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.