Morgan Creek CEO Says FTX Co-Founder SBF Is ‘Pawn’ Used To ‘Punish’ Crypto Industry – Regulation Bitcoin News

After the collapse of FTX, many industry executives, influencers, notables, and politicians shared their thoughts on the carnage the event caused to crypto markets and a large number of innocent bystanders. On December 2, Mark Yusko, CEO and founder of Morgan Creek Capital, explained in an interview that FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or a “useful idiot.” “punish the industry”.

Morgan Creek’s Mark Yusko: ‘This debacle is, in my opinion, a scam by someone who has more than useful idiots’

Since the Terra LUNA crash and the numerous business failures that have followed the event, there have been countless theories surrounding these topics. The latest FTX collapse seems to hide all that went wrong after the Terra crash, and there are still many unanswered questions about the event. Various individuals shared their two cents on the FTX fiasco, including CNBC’s Mad Money host Jim Cramer, Galaxy Digital CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla CEO and Twitter chief Elon Musk . .

On Friday, Mark Yusko, CEO and founder of Morgan Creek Capital Management, told Kitco anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried ( SBF ) was a “pawn.” “They’re just pawns in a very large, very sophisticated system designed to launder money,” Yusko told Kitco’s lead anchor. “There was definitely an intention on the part of someone to make an example of this so that regulators could come in and punish the industry,” he said. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.

Unlike traditional finance, which is usually controlled by large banks and financial institutions, defi is decentralized, meaning it is not controlled by any one entity. Bitcoin (BTC) and defi challenge concepts like fiat currency and central planning, Yusko Kitco told the broadcaster. Yusko and many cryptocurrency advocates believe that defi offers a number of advantages, including greater accessibility, transparency and security. “[Blockchain] replaces belief with truth,” Yusko explained to Makori.

“Who are the judges of trust today? Financial institutions, third-party middlemen, a $7 trillion industry,” Yusko elaborated. “They would like to be undisturbed by def and digital assets. It is possible that some officials may have tried to lobby for regulation to delay, confuse or alter the course of this breach.”

Yusko also noted that “someone at the top” worked to achieve a common goal at the expense of SBF or Alameda Research’s Caroline Ellison of the crypto industry. “This failure is, I believe, a fraud perpetrated by someone who is more than useful idiots. These two are not playing 10D chess,” explained the Morgan Creek CEO. “A lot of money went to political candidates. there are evidences [Sam Bankman-Fried] he said that he will give 1 billion dollars in the next election,” Yusko added.

Yusko is extremely bullish on bitcoin (BTC), and in an interview on May 6, 2020, Morgan Creek CEO said he expects the leading cryptocurrency to earn $250,000 within five years. During the discussion, Yusko said that the price of bitcoin can reach 400-500 thousand dollars. During his interview with Makori, Yusko noted that the US could risk stagnation if it over-regulated the industry. “If we get too complicated in terms of regulation, [crypto] it will only appear in other jurisdictions,” said Yusko. “So in the end [crypto] will win.”

Tags in this story

10D Chess, Assets, Central Banks, Collapse FTX, Crypto, Cryptocurrencies, defi challenges, Democrats, perfect system, fiat currency, FTX collapse, FTX fallout, Kitco Interview, Kitco anchor, Washout, Mark Yusko, Michelle McCorring, Michelle Makoriing , Morgan Creek CEO , Morgan Creek Co-Founder , over-regulated , over-regulation , political candidates , politicians , Regulation , risk , Sam Bankman-Fried , sbf

What do you think of Mark Yusko’s views on FTX executives being pawns? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

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