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Key TakeawaysKey figures have made a mockery of their own reputations and are now attempting to criticize the new member of the failed founders’ club.
Sam Bankman-Fried’s fraud is undoubtedly more than that of all other crypto scammers.
However, they are not treated more favorably simply because they are superior to others.
Share this article2022 has seen many industry luminaries fall from grace. But Sam Bankman-Fried has been the most impressive. His financial woes and likely legal perils seem to have encouraged a few former offenders to weigh-in. “Scam Bankrun Fraud” The industry is reeling from the multi-billion-dollar fraud orchestrated and coordinated by Sam Bankman Fried and Alameda Research. FTX’s poor record-keeping could have led to millions (or even billions) of dollars being lost. The contagion spreads across the markets, dozens of companies transacted with FTX this week, and the full aftermath is still unfolding. Bankman-Fried’s swift and massive downfall, now known as “Scam Bankrun Fraud”, has surpassed all previous attempts to bring down an industry that is full of bad actors. Some of the space’s former friends (and now pariahs), feel comfortable posting their weigh-ins on social media. Crypto Fugitives Weigh inThere was a time when wrongdoers kept their mouths shut, even if counsel advised them to. Crypto Fugitives Weigh InThere was a time when people suspected of wrongdoing kept their mouths shut on the advice of counsel. This behavior has not been good for him and his statements regarding seeking new capital have left observers stunned and infuriated. Su Zhu, co-founder of Three Arrows Capital (3AC), disappeared this summer along with Kyle Davies, after it became apparent that Terra was going bust. Zhu is well-known for his cryptic tweets. He was silent on Twitter about his company’s collapse in June and only briefly appeared in July to criticize 3AC liquidators. The firm owed $3Billion at the time after defaulting on a number of loans. Zhu appears to be in better spirits now. Zhu returned to Twitter on November 8, the day that FTX’s freefall started. This was after a long hiatus of several months. Many have demanded that Zhu be held accountable for the loss of investor money. However, Zhu appears to have been spending his time on mental health and surfing. Although Bankman-Fried is known to have donated money to Democratic campaigns, there is no evidence beyond speculation of illegal collusion. Davies, who is currently on the run from South Korean authorities, appeared on CNBC’s SquawkBox today to discuss FTX. He claimed that Bankman-Fried colluded with Alameda in order to trade against 3AC clients. As FTX collapsed, Terra’s co-founder surprised everyone by appearing on UpOnly to discuss Bankman-Fried’s fall. Kwon, as he previously claimed, denied that he was on the move. However, he didn’t reveal his location and he left the call as mysteriously. Kwon answered when asked if he had any advice for Bankman Fried on crisis management. “Well, I don’t think that I did it particularly well so I don’t think I’m the best person for asking for advice.” Crypto Briefing’s TakeWith many voices calling for these fraudsters to be brought to justice, the courage of the “lesser” fraudsters to reappear to criticize the larger one is quite remarkable. While their antics may be amusing, we must not forget that all four of them did serious damage while on their way out. They are now trying to minimize their own mistakes by comparing them to SBF’s. While this may be amusing, it is clear that the community doesn’t want to have anything to do with these former titans of the industry. Many have accused them, if not of criminality, at the very least of mismanagement of funds. There has been a lot of anger and a lot of people have accused them of wrongdoing. You need an enforcer for certain regulations, if only to show others that asking for forgiveness later does not make you a criminal. Sometimes, apologizing doesn’t cut the mustard. Sam Bankman-Fried will likely be punished severely for what he did. While he may have high-ranking friends who he believes can protect him, he has also damaged the trust of many of those same people who could have helped him. While he is innocent until proven guilty, it seems that proving SBF’s guilt might be as simple as proving 2 + 2. But the less fraudsters should not be taken for granted because there is a bigger bad guy in this room. Someone really needs to take their phones away. Decentral Media, Inc. does not act as an investment advisor. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice regarding an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept any compensation for analyzing or reporting on any ICO or IEO, cryptocurrency or tokenized sales, securities or commodities.