The billionaire proprietor of the NBA workforce Dallas Mavericks and a Stark Tank star, Mark Cuban, says that if he had 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 good … I had no concept he was going to take different folks’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 workforce Dallas Mavericks, talked concerning the collapsed crypto alternate FTX and its former CEO Sam Bankman-Fried (SBF) in an interview with TMZ Sports activities, printed Saturday.
Regardless of the FTX meltdown, Cuban nonetheless sees worth in cryptocurrency. He opined:
There’s been lots of people making lots of errors, but it surely doesn’t change the underlying worth.
FTX filed for Chapter 11 chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. The crypto alternate 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 Change Fee (SEC), are investigating FTX for mishandling buyer funds.
Concerning Bankman-Fried, Cuban pressured:
I don’t know all the small print, but when I had 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 good,” the Shark Tank star added. Nonetheless, he emphasised:
I had no concept he was going to take different folks’s cash and put it to his private use.
Bankman-Fried has not been arrested and thus far there appear to be no efforts by regulation enforcement to arrest him. Crypto influencer Bitboy lately flew to the Bahamas to get some solutions. He spent the previous couple of days tenting exterior Bankman-Fried’s apartment in the Bahamas ready for SBF to return out.
Cuban’s view of the FTX meltdown is drastically completely different from his Shark Tank co-star Kevin O’Leary who nonetheless insists that Bankman-Fried is likely one of the greatest merchants in the crypto house and he would again the FTX co-founder once more if he has one other enterprise.
The Dallas Mavericks proprietor additionally lately defined that the FTX implosion shouldn’t be a crypto blowup, however a banking blowup. “Lending to the improper entity, misvaluations of collateral, conceited arbitrages, adopted by depositor runs … See long-term capital, financial savings & mortgage, and sub-prime blowups. All completely different variations of the identical story,” he mentioned.
As well as, Cuban emphasised that he invests in crypto as a result of he believes “good contracts can have a major influence in creating invaluable 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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