Galaxy Digital CEO Mike Novogratz is predicting that disgraced former FTX CEO Sam Bankman-Fried will face jail time for allegedly committing fraud.
In a brand new interview with CNBC Squawk Field host Andrew Sorkin, the billionaire says Bankman-Fried is failing to take accountability for his actions, the identical ones that led to the downfall of the once-prominent crypto change.
Novogratz reacts to Sorkin’s current interview of Bankman-Fried on the New York Occasions DealBook Summit.
“You’re seeing somebody who’s simply spewing extra lies. Sam has at all times been form to me. He has a sort demeanor. That was a part of the shtick. And I’m not saying he even deliberate this all like a prison mastermind. What they did was prison they usually must be prosecuted for it.”
Bankman-Fried is accused of mishandling billions of {dollars} price of buyer funds by allegedly loaning them to Alameda Analysis, FTX’s buying and selling department. Bankman-Fried instructed Sorkin he didn’t knowingly co-mingle any funds.
Based on Novogratz, authorities must prosecute Bankman-Fried as shortly as potential to revive investor belief within the markets.
“He must be prosecuted. He’ll spend time in jail. They perpetuated a big fraud and it wasn’t simply Sam. You don’t pull this off with one individual. And so I’m hoping that the authorities resolve this quicker, not only for the sanctity of the crypto markets, however for all markets.
Markets are primarily based on belief and when you could have belief damaged like this it questions everybody else. Folks begin in search of Black Swans in all places.”
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