Ark Make investments founder Cathie Wooden has slammed disgraced FTX founder Sam Bankman-Fried (SBF) as representing the other of what blockchain is meant to be.
“His firm was fully opaque, not clear and centralized,” she acknowledged.
Cathie Wooden Advises In opposition to Associating SBF with Crypto
Throughout a current speech on the AI, Web3 and Actual Property Summit, Wooden defined that regardless of blockchain’s anonymity, the expertise supplies full clear exercise on the chain:
“Whereas blockchain expertise, public blockchain are fully clear, they might be pseudonymous, however you’ll be able to see exercise on chain.”
Wooden emphasizes that crypto and blockchain shouldn’t be underestimated attributable to FTX. Moreover, she argues that the overarching expertise considerably enhances security and danger mitigation:
“Decentralization will increase the safety of the blockchain,” she added.
Regardless of Wooden’s total optimistic view of crypto, current reviews point out that, as Bitcoin skilled a surge in its worth, she determined to sell off a number of her crypto investments, together with her positions in Coinbase and Grayscale Bitcoin Belief (GBTC).
Be taught extra: 51% Attacks on the Blockchain Explained: What Are the Dangers?
Sam Bankman-Fried Awaits Sentencing
This follows current reviews of SBF’s conviction on all seven fraud costs associated to defrauding FTX customers. This occurred when the alternate collapsed in November 2022.
On November 3, a jury of 12 members delivered a guilty verdict for SBF. This got here after prosecutors accused him of embezzling $8 billion from the alternate’s prospects, allegedly motivated by pure greed.
US District Decide Lewis Kaplan has set SBF’s sentencing date for March 28, 2024.
Nonetheless, SBF’s authorized workforce plans to enchantment the decision. SBF has persistently pleaded not responsible through the trial, asserting his innocence relating to the billions of {dollars} in misplaced FTX buyer funds.
Be taught extra: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
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