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The billionaire proprietor of the NBA crew Dallas Mavericks and a Stark Tank star, Mark Cuban, says that if he have been the previous FTX CEO Sam Bankman-Fried, he can be afraid of going to jail for a very long time. “I talked to the man and thought he was sensible … I had no concept he was going to take different individuals’s cash and put it to his private use,” Cuban mentioned.
Mark Cuban on Sam Bankman-Fried and FTX’s Collapse
Mark Cuban, a Shark Tank star and the proprietor of the NBA crew Dallas Mavericks, talked in regards to the collapsed crypto change FTX and its former CEO Sam Bankman-Fried (SBF) in an interview with TMZ Sports activities, revealed Saturday.
Regardless of the FTX meltdown, Cuban nonetheless sees worth in cryptocurrency. He opined:
There’s been lots of people making lots of errors, nevertheless it doesn’t change the underlying worth.
FTX filed for Chapter 11 bankruptcy on Nov. 11 and Bankman-Fried stepped down because the CEO. The crypto change is presently being probed in a number of jurisdictions. Within the U.S., a number of authorities, together with the Division of Justice (DOJ) and the Securities and Trade Fee (SEC), are investigating FTX for mishandling buyer funds.
Relating to Bankman-Fried, Cuban careworn:
I don’t know all the small print, but when I have been him, I’d be afraid of going to jail for a very long time … It positive sounds unhealthy.
“I talked to the man and thought he was sensible,” the Shark Tank star added. Nevertheless, he emphasised:
I had no concept he was going to take different individuals’s cash and put it to his private use.
Bankman-Fried has not been arrested and to this point there appear to be no efforts by legislation enforcement to arrest him. Crypto influencer Bitboy just lately flew to the Bahamas to get some solutions. He spent the previous couple of days tenting exterior Bankman-Fried’s apartment within the Bahamas ready for SBF to come back out.
Cuban’s view of the FTX meltdown is drastically totally different from his Shark Tank co-star Kevin O’Leary who nonetheless insists that Bankman-Fried is one of the best merchants within the crypto house and he would back the FTX co-founder once more if he has one other enterprise.
The Dallas Mavericks proprietor additionally just lately explained that the FTX implosion shouldn’t be a crypto blowup, however a banking blowup. “Lending to the mistaken entity, misvaluations of collateral, boastful arbitrages, adopted by depositor runs … See long-term capital, financial savings & mortgage, and sub-prime blowups. All totally different variations of the identical story,” he mentioned.
As well as, Cuban emphasised that he invests in crypto as a result of he believes “sensible contracts could have a big impression in creating useful purposes,” noting that “the worth of a token is derived from the purposes that run on its platform and the utility they create.”
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Picture Credit: Shutterstock, Pixabay, Wiki Commons
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