Skip to main content

Mark Cuban: If I Were Sam Bankman-Fried, I’d Be Afraid of Going to Jail for a Long Time

Mark Cuban: If I Were Sam Bankman-Fried, I'd Be Afraid of Going to Jail for a Long Time

The billionaire owner of the NBA team Dallas Mavericks and a Stark Tank star, Mark Cuban, says that if he were the former FTX CEO Sam Bankman-Fried, he would be afraid of going to jail for a long time. “I talked to the guy and thought he was smart … I had no idea he was going to take other people’s money and put it to his personal use,” Cuban said.

Mark Cuban on Sam Bankman-Fried and FTX’s Collapse

Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, talked about the collapsed crypto exchange FTX and its former CEO Sam Bankman-Fried (SBF) in an interview with TMZ Sports, published Saturday.

Despite the FTX meltdown, Cuban still sees value in cryptocurrency. He opined:

There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.

FTX filed for Chapter 11 bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The crypto exchange is currently being probed in several jurisdictions. In the U.S., several authorities, including the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), are investigating FTX for mishandling customer funds.

Regarding Bankman-Fried, Cuban stressed:

I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time … It sure sounds bad.

“I talked to the guy and thought he was smart,” the Shark Tank star added. However, he emphasized:

I had no idea he was going to take other people’s money and put it to his personal use.

Bankman-Fried has not been arrested and so far there seem to be no efforts by law enforcement to arrest him. Crypto influencer Bitboy recently flew to the Bahamas to get some answers. He spent the past couple of days camping outside Bankman-Fried’s condo in the Bahamas waiting for SBF to come out.

Cuban’s view of the FTX meltdown is drastically different from his Shark Tank co-star Kevin O’Leary who still insists that Bankman-Fried is one of the best traders in the crypto space and he would back the FTX co-founder again if he has another venture.

The Dallas Mavericks owner also recently explained that the FTX implosion is not a crypto blowup, but a banking blowup. “Lending to the wrong entity, misvaluations of collateral, arrogant arbitrages, followed by depositor runs … See long-term capital, savings & loan, and sub-prime blowups. All different versions of the same story,” he said.

In addition, Cuban emphasized that he invests in crypto because he believes “smart contracts will have a significant impact in creating valuable applications,” noting that “the value of a token is derived from the applications that run on its platform and the utility they create.”

What do you think about the comments by Mark Cuban? Let us know in the comments section below.



from Bitcoin News https://ift.tt/E9dgta4

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Telegram users can now buy, sell, and send bitcoin, as the leading cryptocurrency has been integrated into the Wallet bot on the popular messaging application. The bitcoin support follows the wallet’s recent tether integration, which enables users to transact with the stablecoin as well. Over a Billion Telegram Users Can Now Transfer Bitcoin in Chats On Friday, April 21, the @wallet bot on Telegram announced the addition of bitcoin (BTC) support to its web interface. The development team explained that previously, the leading cryptocurrency by market capitalization was only accessible in the text bot. “Now, all @wallet users will be able to take full advantage of our web interface,” the announcement on Telegram details. Telegram is extremely popular among cryptocurrency users, and according to a report from April 2023, the messaging app has an estimated 1.068 billion users. Bitcoin.com News confirmed that BTC has been added, as our publication tested the @wallet bot on Telegram...
Post a Comment
Read more

US-Listed Bitcoin Miners Hit Record Market Cap of $22.8 Billion, JPMorgan Says

As of June 15, U.S.-listed bitcoin miners have reached a record market capitalization of $22.8 billion, according to global investment bank JPMorgan. This surge is led by significant gains in stocks like Core Scientific, Terawulf, and Iren. The overall sector market cap has increased by 24% since the end of May, partly due to a […] from Bitcoin News https://ift.tt/E8R7P09
Post a Comment
Read more

Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness

Main Takeaways Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers. Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts. Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business. Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF. What Is a Verifiable Random Function (VRF)? Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works. A series of inputs are passed into a VRF. The VRF computes the inputs and generates pseudorandom outputs. Anyone, at any time, can cryptographically verify that the...
Post a Comment
Read more