If Sam Bankman-Fried Isn’t Lying About FTX’s Collapse, Crypto Is In Trouble

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Welcome to Bloomberg Crypto, our bi-weekly look at Bitcoin, blockchain and more. If someone forwarded it to you, subscribe here. In today’s edition, Michael P. Regan reports on Sam Bankman-Fried’s media tour:

According to Sam Bankman-Fried’s account, it was not fraud, theft, or other assorted deceptions that caused the FTX crypto conglomerate to implode. It was just incompetence. It’s the outline of the defense he tried to present this week in interviews at a New York Times event, on Good Morning America and in New York magazine.

Mind you, he hasn’t actually been charged with anything, so he seems to be trying to further any potential criminal charges and whitewash his once heroic reputation. Was he telling the truth? Who knows. Even crypto cheerleading squad captain Mike Novogratz channeled his inner Joe Biden to tell Bloomberg TV that SBF was lying on the “malarkey” in the Times interview. But then hedge fund luminary Bill Ackman sparked what kids would call an “epic ratio” by tweeting, “Call me crazy but I think @sbf is telling the truth.” Hey, it only takes one of 12 jurors, crazy or not, so if SBF were to land someone like Ackman on their own, that’s the only ratio that matters.

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