Sam Bankman-Fried, or SBF, CEO of FTX, is bailing out many of the worst actors of the crypto crash. Before inking buyout deals, he roiled the markets by saying that many exchanges are “secretly insolvent.”
SBF claims to want “to protect consumers & federal oversight,” yet some of his closest partners just massively defrauded investors and are under investigation by state regulators. And surprise! He had already secretly loaned them money, in the cases of Celsius and Voyager Digital, but we didn't find out until their Chapter 11 bankruptcy filings became public.
That’s OK because he has legislators on speed-dial & generously funded Joe Biden’s campaign.
Is SBF really an effective altruist or just another vulture capitalist in the crypto version of the 2008 subprime crisis with its Too Big to Fail banks?
Let me know what you think.
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