{"id":14925,"date":"2022-11-29T03:55:35","date_gmt":"2022-11-29T03:55:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/if-i-were-sam-bankman-fried-id-be-afraid-of-going-to-jail-for-a-long-time-featured-bitcoin-news\/"},"modified":"2022-11-29T03:55:35","modified_gmt":"2022-11-29T03:55:35","slug":"if-i-were-sam-bankman-fried-id-be-afraid-of-going-to-jail-for-a-long-time-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/if-i-were-sam-bankman-fried-id-be-afraid-of-going-to-jail-for-a-long-time-featured-bitcoin-news\/","title":{"rendered":"If I Were Sam Bankman-Fried, I’d Be Afraid of Going to Jail for a Long Time \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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. \u201cI talked to the guy and thought he was smart \u2026 I had no idea he was going to take other people\u2019s money and put it to his personal use,\u201d Cuban said.<\/strong><\/p>\n

Mark Cuban on Sam Bankman-Fried and FTX\u2019s Collapse<\/h2>\n

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.<\/p>\n

Despite the FTX meltdown, Cuban still sees value in cryptocurrency. He opined:<\/p>\n

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There\u2019s been a lot of people making a lot of mistakes, but it doesn\u2019t change the underlying value.<\/p>\n<\/blockquote>\n

FTX filed for Chapter 11 bankruptcy<\/a> 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<\/a> FTX for mishandling customer funds.<\/p>\n

Regarding Bankman-Fried, Cuban stressed:<\/p>\n

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I don\u2019t know all the details, but if I were him, I\u2019d be afraid of going to jail for a long time \u2026 It sure sounds bad.<\/p>\n<\/blockquote>\n

\u201cI talked to the guy and thought he was smart,\u201d the Shark Tank star added. However, he emphasized:<\/p>\n

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I had no idea he was going to take other people\u2019s money and put it to his personal use.<\/p>\n<\/blockquote>\n

Bankman-Fried has not been arrested and so far there seem to be no efforts by law enforcement to arrest him. Crypto influencer Bitboy<\/a> recently flew to the Bahamas to get some answers. He spent the past couple of days camping outside Bankman-Fried\u2019s condo in the Bahamas waiting for SBF to come out.<\/p>\n

Cuban\u2019s view of the FTX meltdown is drastically different from his Shark Tank co-star Kevin O\u2019Leary who still insists<\/a> that Bankman-Fried is one of the best<\/a> traders in the crypto space and he would back<\/a> the FTX co-founder again if he has another venture.<\/p>\n

The Dallas Mavericks owner also recently explained<\/a> that the FTX implosion is not a crypto blowup, but a banking blowup. \u201cLending to the wrong entity, misvaluations of collateral, arrogant arbitrages, followed by depositor runs \u2026 See long-term capital, savings & loan, and sub-prime blowups. All different versions of the same story,\u201d he said.<\/p>\n

In addition, Cuban emphasized that he invests in crypto because he believes \u201csmart contracts will have a significant impact in creating valuable applications,\u201d noting that \u201cthe value of a token is derived from the applications that run on its platform and the utility they create.\u201d<\/p>\n

What do you think about the comments by Mark Cuban? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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