Michael Saylor Affirms That FTX Was Unethical and Illegal From the Very Beginning

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Last Updated on December 7, 2022 by Bitfinsider

The executive chairman of MicroStrategy and a leading proponent of Bitcoin, Michael Saylor, has claimed that the entire FTX scandal was immoral and unethical from the start. He maintained his status as a Bitcoin maximalist by disclosing this in a recent interview.

The former CEO of MicroStrategy claimed that the Bitcoin community and the larger crypto community have been engaged in a low-grade “boiling Guerrilla war” for years over business practices, including what he consistently refers to as “shitcoinery.”

Sam Bankman-Fried, in Saylor’s opinion, was the face of the cryptocurrency industry. “There is something ethically broken about being able to issue your own unregistered security. Sam and most of the people in the crypto world were always guilty of the sin of shitcoinery,” he said.

Saylor ascribed actions like advocating shitcoins to his perceptions of the underlying issues in the cryptocurrency community, which are greed, hubris, and stupidity.

The biggest buzz in the cryptocurrency world is still about FTX’s collapse

Although cryptocurrency exchange FTX declared bankruptcy over a month ago, its demise is still the main topic of conversation in the industry. This was due to the fact that FTX, which processed almost $4 billion in daily trading volume before going under, was one of the biggest cryptocurrency exchanges in the world.

The CEO of Galaxy Digital, Mike Novogratz, claimed last week that Sam Bankman-Fried is delusional about what took place. SBF, he continued, was in charge of what transpired with the Crypto exchange.

The US House Financial Services Committee requested testimony from the former CEO of FTX. He stated that after examining FTX’s collapse, he would eventually come before the committee.

Over the weekend, SBF said that John J. Ray III, the new CEO of FTX, had made misleading claims.

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