FTX’s fiasco was unethical and illegal from the very beginning, says Michael Saylor

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FTX’s fiasco was unethical and illegal from the very beginning, says Michael Saylor

By Hassan Maishera - min read
  • Michael Saylor says Sam Bankman-Fried was the poster child of the cryptocurrency community.

  • Most of the people in the crypto world were guilty of the sin of shitcoinery, he added.

  • Saylor is a Bitcoin maximalist and has bought bitcoins worth billions of dollars over the years.

Saylor is only a fan of Bitcoin

Michael Saylor, the MicroStrategy executive chairman and major Bitcoin bull, has stated that the entire FTX fiasco was unethical and illegal from the very beginning. He revealed this during a recent interview, maintaining his position as a Bitcoin maximalist.

The former CEO of MicroStrategy stated that for years,  has been a low-grade “boiling Guerrilla war” between the Bitcoin community and the broader crypto community over industry practices, including what he repeatedly calls, “shitcoinery.”

According to Saylor, Sam Bankman-Fried was the poster child of the crypto community. He stated that

“There is something ethically broken about being able to issue your own unregistered security. Sam and most of the people in the crypto world were always guilty of the sin of shitcoinery.”

Saylor attributed the behaviours such as promoting shitcoins to his perceptions of the crypto community’s inherent problems, which are greed, arrogance and foolishness.

FTX’s collapse remains the major topic of discussion in the crypto space

Cryptocurrency exchange FTX filed for bankruptcy roughly a month ago, but its collapse remains the major topic of discussion in the crypto space. This was because FTX was one of the leading crypto exchanges in the world prior to its collapse and was processing around $4 billion in daily trading volume.

Last week, Mike Novogratz, the CEO of Galaxy Digital, said Sam Bankman-Fried is delusional about what happened. He added that SBF was responsible for what happened to the cryptocurrency exchange.

The former FTX CEO was invited to testify before the United States House Financial Services Committee. However, he replied that he would eventually appear before the committee after reviewing FTX’s collapse.

Over the weekend, SBF also stated that the statements made by the new FTX CEO John J Ray III, were false.