SBF ‘was a dreamer’, ‘will spend time in jail’ says Galaxy’s Mike Novogratz – ‘He needs to be prosecuted’ – Bitcoin News

Mike Novogratz, CEO of Galaxy Digital, spoke with Andrew Ross Sorkin on CNBC’s Squawk Box and gave his reaction to Sam Bankman-Fried’s (SBF) recent New York Times (NYT) Dealbook Summit interview. Novogratz said the SBF was a “fantasy” and insisted the former FTX CEO should be prosecuted, saying he would then “spend time in jail.”

Mike Novogratz: ‘Sam was a dreamer’

Billionaire and Galaxy Digital CEO Mike Novogratz was candid about what he thought of Sam Bankman-Fried (SBF) in his latest interview held virtually at the NYT Dealbook Summit. Novogratz he explained He stressed that SBF should be responsible for its actions and that the comments made during the interview were “fantasy”.

“Let’s be really clear. Sam was delusional about what happened and his culpability,” Novogratz told CNBC Squawk Box host Andrew Ross Sorkin on Thursday. “He needs to be prosecuted. He’s going to spend time in prison. They perpetuated a huge fraud. And it wasn’t just Sam. He did it with one person. you don’t shoot,” Novogratz added. The Galaxy CEO added:

I’m not saying he even planned all of this as a criminal. What they did was a crime and they should be prosecuted.

Novogratz said that prosecuting specific individuals for wrongdoing at FTX would be good not only for the cryptocurrency industry, but for the entire financial industry as a whole. “I hope the authorities get to the bottom of this sooner,” Novogratz said. “Not just for the sanctity of cryptocurrency markets, but for all markets. Markets are based on trust, and when that trust is broken, it makes everyone question it.” Novogratz continued:

People start looking for black swans everywhere. So in a way it’s the story of the moment because it’s a huge story. But you see more of a liar. Listen, Sam has always been nice to me and he has a nice attitude… but that was part of the evil.

Novogratz’s company Galaxy Digital was also one of the cryptocurrency companies affected by FTX. On November 9, 2022, Galaxy publicly announced that the company’s relationship with FTX had caused an estimated $76.8 million in losses. Novogratz also spoke about the FTX situation with Sorkin on Squawk Box last Wednesday, where he said the collapse of FTX has created a “lack of confidence” in the cryptocurrency industry.

“I think coins should be segregated in your account and they shouldn’t be lent unless you give them permission to lend,” Novogratz said. “It’s always about building trust with your customers. And now we have a lack of trust. People think that there is a black swan in every corner, that everyone is a sociopath, saying one thing and doing another,” said Galaxy Digital CEO.

Speaking again with Sorkin during Thursday’s interview, Novogratz said crypto companies need regulation. “I think the money side of cryptocurrency, companies like us that buy, sell, lend and do derivatives, will be regulated and should be,” the investor said.

Customer funds should never be mixed up without the client’s permission, Novagratz insisted, and further argued that all crypto platforms should explain this succinctly in their terms. As for the cryptocurrency industry in general and cryptocurrencies like bitcoin and ethereum, Novogratz said he still believes the digital currency ecosystem has a bright future.

Tags in this story

Andrew Ross Sorkin, Bitcoin, CNBC Interview, Crypto, crypto industry, Crypto markets, Ethereum, Former FTX CEO, former FTX executive, FTX collapse, FTX SBF, Galaxy, Galaxy Digital, Galaxy Digital CEO, Markets, Mike Novogratz, Novogratz, Sam Bankman-Fried, sbf, SBF FTX, Squawk Box

What do you think of Galaxy Digital’s Mike Novogratz and his former FTX CEO? 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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