Mike Novogratz argues that Bankman-Fried is ‘delusional’ and on his way to prison
The chief executive officer of Galaxy Digital asserts Sam Bankman-Fried and his associates committed fraud and proposed they should be imprisoned.
Former FTX CEO Sam Bankman-Fried (SBF) has been criticised this week for a series of questionable public appearances, with Galaxy Digital’s Mike Novogratz being the most recent to scold the former crypto king.
Mike Novogratz, CEO of Galaxy Digital, launched a storm of criticism against SBF on December 1 after his interview with Andrew Ross Sorkin on November 30 at the New York Times’ annual DealBook Summit.
In an interview with Bloomberg, Novogratz referred to SBF as “delusional” after his claim in the live interview that he had never attempted fraud.
The criticism did not end there, as Novogratz reiterated the stance of many prominent crypto community members that the former FTX CEO should serve prison time.
Galaxy Digital is a casualty of the failure of FTX, having revealed a $76.8 million exposure to the insolvent company. The former CEO of FTX seems to have participated in a flurry of media appearances in recent days.
During an appearance on Good Morning America on December 1, SBF argued that FTX was not a “Ponzi scheme” but rather a “genuine company” and denied any knowledge of FTX client deposits being used to pay Alameda’s creditors.
In a recent Twitter Spaces interview with IBC Group’s founder and chief executive officer, Mario Nawfal, SBF again professed ignorance over the state of his businesses. When questioned about what transpired, his comments were ambiguous. Kraken co-founder Jesse Powell also criticized SBF for failing to comprehend how margin trading works.
Ben Armstrong, the developer of BitBoy Crypto, is said to have scheduled his own Twitter Spaces event with SBF for December 3. The crypto community has criticized SBF for its confusing comments and lack of responsibility this week.