Mark Cuban: If I Were Sam Bankman-Fried, I’d Be Afraid of Going to Jail for a Long Time

Mark Cuban: If I Were Sam Bankman-Fried, I'd Be Afraid of Going to Jail for a Long Time

The billionaire owner of the NBA team Dallas Mavericks and a Stark Tank star, Mark Cuban, says that if he were the former FTX CEO Sam Bankman-Fried, he would be afraid of going to jail for a long time. “I talked to the guy and thought he was smart … I had no idea he was going to take other people’s money and put it to his personal use,” Cuban said.

Mark Cuban on Sam Bankman-Fried and FTX’s Collapse

Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, talked about the collapsed crypto exchange FTX and its former CEO Sam Bankman-Fried (SBF) in an interview with TMZ Sports, published Saturday.

Despite the FTX meltdown, Cuban still sees value in cryptocurrency. He opined:

There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.

FTX filed for Chapter 11 bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The crypto exchange is currently being probed in several jurisdictions. In the U.S., several authorities, including the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), are investigating FTX for mishandling customer funds.

Regarding Bankman-Fried, Cuban stressed:

I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time … It sure sounds bad.

“I talked to the guy and thought he was smart,” the Shark Tank star added. However, he emphasized:

I had no idea he was going to take other people’s money and put it to his personal use.

Bankman-Fried has not been arrested and so far there seem to be no efforts by law enforcement to arrest him. Crypto influencer Bitboy recently flew to the Bahamas to get some answers. He spent the past couple of days camping outside Bankman-Fried’s condo in the Bahamas waiting for SBF to come out.

Cuban’s view of the FTX meltdown is drastically different from his Shark Tank co-star Kevin O’Leary who still insists that Bankman-Fried is one of the best traders in the crypto space and he would back the FTX co-founder again if he has another venture.

The Dallas Mavericks owner also recently explained that the FTX implosion is not a crypto blowup, but a banking blowup. “Lending to the wrong entity, misvaluations of collateral, arrogant arbitrages, followed by depositor runs … See long-term capital, savings & loan, and sub-prime blowups. All different versions of the same story,” he said.

In addition, Cuban emphasized that he invests in crypto because he believes “smart contracts will have a significant impact in creating valuable applications,” noting that “the value of a token is derived from the applications that run on its platform and the utility they create.”

What do you think about the comments by Mark Cuban? Let us know in the comments section below.



from Bitcoin News https://ift.tt/ylvwDTN

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more