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Cardano (ADA) founder says Michael Lewis’s Book on SBF shows the deepness of corruption

Cardano (ADA) founder says Michael Lewis's Book on SBF shows the deepness of corruption 17

Charles Hoskinson slammed American journalist Michael Lewis for supporting infamous crypto entrepreneur SBF and said that all such things are showing the depth of the actual level of corruption.

Michael Lewis is an American journalist & financial author. He was not known in the crypto sector but he grabbed huge attention in the last few weeks following an interview in which he supported FTX co-founder Sam Bankman-Fried (SBF) & blames Binance CEO Changpeng Zhao (CZ) indirectly behind the downfall of the FTX exchange. 

In early of this month, Michael Lewis successfully published his book via Amazon.com by the name “Going Infinite: The Rise and Fall of a New Tycoon”. 

Through the Book, Lewis brought light on the FTX former CEO SBF’s role and explained how he perfectly managed the FTX exchange & grabbed popularity in the world, as the exchange reached the second rank in the world by crypto trade volume within a couple of years. 

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He also attached a summary of a past deal between Binance CEO CZ & FTX’s former CEO SBF and tried to explain that CZ tried to make a profit and SBF was ready to give profit because of the bad situation. In short, Lewis tried to show CZ as a culprit behind the FTX exchange bankruptcy, which is not true. 

The Cardano blockchain founder Charles Hoskinson shared his opinion on this book and said that the book by Lewis is showing the depth of the fraud.

Hoskinson also said that all such things show that there is a big group of corrupt people who want only to see SBF get out of all the fraud charges. 

SBF, FTX, & Bankruptcy

No doubt that SBF was a wise person but he never used his wise mind in the perfect way to run the exchange. Allegedly he misused the FTX customer’s fund for personal benefits for example gifting to friends, and relatives, & high amounts of political donations. 

Currently, SBF is in jail and the court trials are going on to reach the conclusion whether SBF was a fraudster & main culprit behind FTX downfall or whether the exchange’s downfall was an incident. 

On the 6 Oct court trial, the little-known FTX co-founder Gary Wang testified in the court and said that FTX was not holding any amount of insurance funds but the exchange was showing a fake amount of $100 million with the help of a special type of python code on the website.

Before that, Gary disclosed in the court trial that FTX’s sister firm Alameda Research was allowed to take any amount of funds from the FTX exchange under the leadership of SBF which was illegal because Alameda was taking FTX customers fund without FTX customer’s consent.

Read also: UK based Crypto companies are in hurdles following the new regulatory orders 

Cardano (ADA) founder says Michael Lewis’s Book on SBF shows the deepness of corruption

 

https://bitcoinik.com/cardano-ada-founder-says-michael-lewiss-book-on-sbf-shows-the-deepness-of-corruption/feed/

https://bitcoinik.com/cardano-ada-founder-says-michael-lewiss-book-on-sbf-shows-the-deepness-of-corruption/feed/

 

 

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