Cryptocurrency investors have seen many bad actors in the space go under at once over the past year. This shook the markets. The biggest crash was the bankruptcy of FTX, and Bitcoin price made a new low below the previous bullish ATH of $20,000. Now the SBF is forced to struggle with the confessions of its accomplices in court.

Cardano Founder Statement

FTX founder SBF unintentionally confessed to many crimes in his Twitter Space broadcasts and interviews last year. However, we saw media outlets still trying to whitewash the stock market during and after it crashed. Some of them focused on political interests and some on financial interests. The #Cardano founder recently addressed the last of these.

Hoskinson is referring to author Michael Lewis' latest book titled 'Going Infinite'. The author says he spent more than 100 hours with Sam to understand his life before the FTX exchange crash. Hoskinson and many crypto pioneers believe this is an effort to exonerate a self-confessed fraudster. Hoskinson said;

“Judging by Lewis's awful book, there seems to be a group of people in elite circles who desperately want SBF to be publicly vindicated in some way.”

Hoskinson claims that the media's skepticism about SBF's guilt stems from the relationships he had.

“It really shows how corrupt things have become, especially if you have the right friends.”

During the bankruptcy period, some of the mainstream media published content in the style of SBF, the golden boy of the USA, saying that he went bankrupt because he was targeted by Chinese CZ. This is not just limited to the media. Some Democrats in the House of Representatives did this, too.

Crypto Community's SBF Rage

SBF, which openly admitted to selling non-existent cryptocurrencies to exchange users, attracted the justified anger of the community. The FTX fraudster, who used customer assets for investments and luxury expenses through Alameda, relied on inflated cryptocurrencies as collateral. If a token has a circulating supply of 1 million and a maximum supply of 1 billion, SBF can easily increase the diluted value of this token to $1 billion. However, this token will never reach a market value of $1 billion. Because as the circulating supply increases, the price must decrease.

SBF considered its massive locked reserves of self-backed tokens, with a low circulating supply, as a counterpart to client assets. This thought was not well-intentioned.

CoffeeZilla, a well-known figure in crypto, claims that the book is a “complete defense of SBF.” He claimed that the book devoted more attention to examining the intentions of FTX's current CEO, John J. Ray III, than it did to those of SBF.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.