Cardano Founder Compares FTX Co-Founder to Bernie Madoff
Charles Hoskinson, the founder of Cardano, has drawn a comparison between Sam Bankman-Fried, the embattled co-founder of FTX, and notorious ponzi scheme boss Bernie Madoff. In a post on X (formerly Twitter), Hoskinson criticized the media for giving Bankman-Fried a “free pass” despite his actions resembling those of Madoff. Hoskinson also expressed his disapproval of the attention given to Michael Lewis’ book about the trial, calling it an “apology tour” and suggesting that there are powerful groups seeking to exonerate Bankman-Fried.
Hoskinson Joins Others in Criticizing Sympathizers of SBF
Hoskinson is not alone in his criticism of those sympathetic towards Bankman-Fried. Pro-web3 lawyer John Deaton shared similar views, stating that individuals who view Bankman-Fried as well-intentioned are unfit to manage public wealth. Others in the community have also expressed their belief that those who saw him as innocent benefited during the events. Bankman-Fried was once regarded as a hero of web3 but faced allegations of misappropriation of user assets and luxury spending before FTX’s downfall.
Trial and Bankruptcy Reveal Luxury Spending
The bankruptcy team handling FTX has accumulated $7 billion in assets for distribution to creditors. Bankman-Fried faces seven counts of fraud related to the misuse of investor funds. The Department of Justice is seeking forfeiture of luxury items such as private jets, real estate worth $300 million, political donations totaling $80 million, and significant ad expenses, including $100 million for stadium naming rights.
Hot Take: Corruption and Double Standards in Media Coverage
The comparison made by Charles Hoskinson between Sam Bankman-Fried and Bernie Madoff sheds light on the corruption and double standards prevalent in media coverage. Despite their similarities in actions, Bankman-Fried seems to be receiving preferential treatment from the media. This raises questions about the integrity of the industry and the influence of powerful elites who may be seeking to protect him. The case serves as a reminder that accountability should be applied equally, regardless of an individual’s connections or reputation.
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