In a turbulent storm of accusations surrounding the controversial founder of the defunct cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), a new voice has arisen, making direct claims of elite intervention on his behalf. Charles Hoskinson, the founder of Cardano, has published a scathing critique of what he sees as an orchestrated attempt to rehabilitate SBF.
In a tweet, Hoskinson declared, “Looking at Michael Lewis’s dumpster fire of a book, there seems to be a group of people in the elite circles who desperately want to somehow get a public exoneration for SBF. We saw this with the kid gloves treatment by the New York Times and now a book that’s basically an apology tour.”
The book in question, “Go Infinite” by Michael Lewis, delves into the rise and fall of Bankman-Fried and his FTX empire. However, the Cardano founder’s sentiment echoes a growing concern among some in the crypto community. Renowned YouTuber Coin Bureau remarked, “It’s a stark contrast with the breakdown of the brazen crimes that are being brought to light in the trial. One can only hope the jury isn’t swayed in any way by that rag of a book.”
The Roots Of The Cardano Founder’s Claims
One of the conspiracy theories gaining traction centers on the alleged ties between SBF and influential figures within the Democratic Party. While details of this association have yet to be substantiated, there is growing speculation that these connections might play a role in the perceived media bias in favor of Bankman-Fried.
Perhaps one of the most sensational claims that emerged recently was the rumor that Bankman-Fried was considering a staggering $5 billion offer to Donald Trump in an attempt to dissuade him from running for the presidency. The purported reasoning behind this offer? To “protect democracy.”
Critics have also painted a sinister image of SBF, depicting him not as the philanthropic entrepreneur he claims to be but as a con man of epic proportions. These detractors suggest that his acts of charity and “doing good” were mere smokescreens, elaborate ploys to deflect attention from his true intentions: amassing wealth through deceit while shielding himself with a network of political allies, chiefly within the Democratic Party.
It’s no secret that Bankman-Fried has been an active participant in the political donation game. His hefty contribution of $5.2 million to Joe Biden’s 2020 presidential campaign has been well-documented. However, this is just the tip of the iceberg.
Over a span of less than 18 months, leading up to the 2022 midterm elections, he reportedly made political donations exceeding a staggering $70 million. The bulk of these funds were channeled to Democrats and liberal-leaning entities.
Even the ever-vocal Elon Musk waded into the debate with a pointed tweet in mid-November of the previous year, saying, “SBF was a major Dem donor, so no investigation.”
Bernie Madoff Or Philanthropist?
It’s clear that the narrative surrounding SBF’s legal troubles has become muddled. While some media outlets portray him as a failed philanthropist, others refer to him as the “Bernie Madoff of this generation” – a comparison drawn by the Cardano founder himself that highlights the potential scale and impact of the alleged crimes.
It’s extraordinary to me that the Bernie Madoff of my generation is getting a free pass by the media. It really does show you how profoundly corrupt things have become especially if you have the right friends.
The allegations surrounding SBF aren’t light. He stands accused of a myriad of serious charges, including mismanagement of customer funds, fraud, and a conspiracy to launder money. Recent developments in the trial reveal that prosecutors have made moves to block evidence suggesting that FTX intended to reimburse customers using its investments in a company named Anthropic.
Last Thursday, Gary Wang, co-founder of FTX, testified against his former partner. Wang revealed that Bankman-Fried, along with two other principal executives, Nishad Singh and Caroline Ellison, committed financial malpractices at the exchange. Wang also revealed that the reported insurance fund figure for FTX was fabricated, and astonishingly, the declared balance of FTX’s insurance fund was derived from a random number generator!
At press time, Cardano (ADA) traded at $0.2507.
Featured image from Medium, chart from TradingView.com