- Michael Saylor: SBF used stolen and counterfeit money to bribe the media.
- SBF paid as much as $16 million at once.
- The collapse of FTX has caused widespread panic across industry platforms.
Michael Saylor, a proponent of Bitcoin’s maximum value, has expressed his opinion on Sam Bankman-Fried’s accusations of corruption. He said that Sam utilized stolen and counterfeit money to pervert the development of Bitcoin via the media.
Concretely, cryptocurrency exchange FTX secretly funded media company the Block for over a year. This was alleged with money sent to the Block’s chief executive, Axios reported on Friday, citing sources. The Block’s employees were previously unaware of the payments, according to the report.
In the study, it is said that Bankman-Fried’s trading company, Alameda Research, paid as much as $16 million at once. McCaffrey, according to Axios’s sources, used some of the money to purchase a condo in the Bahamas.
With McCaffrey’s departure, CRO Bobby Moran has assumed leadership responsibilities. Since its inception in 2018, The Block has seen McCaffrey rise through the ranks to CEO in 2020 after he successfully bought out the company’s original investors.
Certainly, FTX did not immediately respond to a Reuters request for comment. On the other side, FTX’s former Chief Executive Sam Bankman-Fried did not respond to a phone call and text message seeking comment.
Regulators around the globe, including in the Bahamas where FTX is based, and in the United States, are investigating the firm. Most importantly, they are investigating the role of FTX’s top executives in the firm’s stunning collapse, Reuters previously reported.
The crypto exchange filed for bankruptcy last month after a liquidity crisis that saw at least $1 billion of customer funds vanish.
For the cryptocurrency sector, FTX’s demise is unprecedented in its sadness. From a household brand to a possible insolvent criminal operation, this is how quickly this platform fell from grace.
The collapse of FTX has caused widespread panic across industry platforms. Although it seems to have spread well beyond the industry’s internal workings.
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