As both CEO of Galaxy Digital Holdings and a Bitcoin maximalist, Mike Novogratz has taken many hits from the crypto winter, and the collapse of FTX into bankruptcy is just the latest blow.
Last month, Novogratz’s crypto financial services firm ເປີດເຜີຍ $76.8 million exposure to FTX, while Novogratz has lost 64% of his net worth this year, which is now down to $1.8 billion, according to the Bloomberg wealth index.
Following Bankman-Fried ບອກ ໄດ້ New York Times DealBook Summit this week “I didn’t ever try to commit fraud,” Novogratz talked to Bloomberg TV on Thursday, and he’s seen enough to make a call.
FTX ‘fraud’
“Sam and his cohorts perpetuated a fraud,” Novogratz said. “They used customer money to make bets that he ‘poorly risk managed’ after he made them.” He added that it was “kind of surprising that his lawyers are letting him speak,” although as Fortune’s Jacob Carpenter noted, Bankman-Fried’s comments increasingly have a lawyerly ring to them. “Having watched two interviews, the word ‘delusional’ kept coming to mind. He’s in a reality that is not real. A lot of narcissism, a lot of grandiosity.”
“The problem was, he took our money. And so he needs to get prosecuted,” Novogratz said, predicting that “people will go to jail, and should go to jail.”
FTX imploded in spectacular fashion last month, surprising many inside and outside the crypto world. The $32 billion exchange had established itself as a leader in the field, having ນັກກິລາທີ່ໄດ້ຮັບການເຂົ້າຮ່ວມ and other celebrities to build its brand. Its collapse shook confidence in the cryptocurrency sector and sparked renewed calls for tighter regulation.
Bankman-Fried ລາອອກເປັນ CEO FTX ໃນວັນທີ 11 ພະຈິກ, ມື້ດຽວກັນທີ່ບໍລິສັດ, ພ້ອມກັບບໍລິສັດຫຸ້ນສ່ວນການຄ້າ Alameda Research, ຍື່ນສໍາລັບການລົ້ມລະລາຍ. That followed a liquidity crunch stemming from either a crypto version of bank run or the sudden realization of a massive fraud, with frantic FTX customers making $6 billion in withdrawal requests in a matter of days amid questions over the exchange’s solvency.
Risky bets
A key accusation leveled against Bankman-Fried is that he used customer funds from his crypto exchange ເພື່ອລະດົມທຶນການເດີມພັນທີ່ມີຄວາມສ່ຽງ ທີ່ Alameda Research.
“I didn’t ever try to commit fraud on anyone,” Bankman-Fried told the DealBook summit (note the word “try”). He added that he was excited about the prospects of FTX just a month ago, which he saw as a thriving and growing business. “I was shocked by what happened this month. And reconstructing it, there are things that I wish I had done differently … Clearly I made a lot of mistakes.”
Some notable investors sided with Bankman-Fried and his seeming incompetence defense this week. Bill Ackman, the billionaire founder of hedge fund Pershing Square Capital Management, tweeted Wednesday: “Call me crazy, but I think @sbf is telling the truth.”
Kevin O’Leary, a star of the TV ສະແດງໃຫ້ເຫັນ tank ປາ ແລະນັກລົງທຶນໃນ FTX, ໄດ້ຕໍາແຫນ່ງທີ່ຄ້າຍຄືກັນ, tweeting: "ຂ້ອຍສູນເສຍລ້ານເປັນນັກລົງທຶນໃນ @FTX ແລະໄດ້ຮັບການ sandblasted ເປັນໂຄສົກທີ່ໄດ້ຮັບຄ່າຈ້າງຂອງບໍລິສັດ, ແຕ່ຫຼັງຈາກຟັງການສໍາພາດນັ້ນຂ້ອຍຢູ່ໃນ camp @billAckman ກ່ຽວກັບ ເດັກນ້ອຍ!”
Bankman-Fried prosecution
But Novogratz believes Bankman-Fried “will be investigated, he will be prosecuted, and if the facts turn out the way I expect them to, he will spend time in jail.”
But it might take time, he added:
“I do think people will wonder, why is the guy not in handcuffs if he did something wrong? White-collar crime takes a long time to prosecute, and you’re going to see this happen more slowly than most people want, both the regulatory response and [prosecution],” Novogratz added.
Last week, Mark Cuban, billionaire owner of the Dallas Mavericks, told TMZ that Bankman-Fried ຄວນເປັນຫ່ວງ ເວລາຄຸກ.
ທ່ານກ່າວວ່າ "ຂ້ອຍບໍ່ຮູ້ລາຍລະອຽດທັງຫມົດ, ແຕ່ຖ້າຂ້ອຍເປັນລາວ, ຂ້ອຍຈະຢ້ານທີ່ຈະຕິດຄຸກດົນນານ," ລາວເວົ້າ. “ມັນເບິ່ງຄືວ່າບໍ່ດີ. ຂ້ອຍໄດ້ລົມກັບຊາຍຄົນນັ້ນແທ້ໆ, ແລະຂ້ອຍຄິດວ່າລາວເປັນຄົນສະຫຼາດ, ແຕ່ເດັກຊາຍ, ຂ້ອຍບໍ່ຮູ້ວ່າລາວຈະໄປ, ເຈົ້າຮູ້, ເອົາເງິນຂອງຄົນອື່ນມາໃຊ້ສ່ວນຕົວຂອງລາວ. ແມ່ນແລ້ວ, ແນ່ນອນ… ເບິ່ງຄືວ່າເກີດຫຍັງຂຶ້ນ.”
‘Setback for crypto’
Bankman-Fried, whose fortune ບັນລຸ 26 ຕື້ໂດລາ during FTX’s rapid ascent, suggested this week he’s struggling with finances. On Monday, he ບອກ Axios he had just $100,000 in his bank account. At the DealBook summit, he said he had “close to nothing” left. And when he was asked how he was paying his lawyers during a Twitter Space hosted by Mario Nawfal, he ຕອບວ່າ, “That’s something I’m trying to figure out right now.”
Novogratz called the FTX fiasco a “setback for crypto,” but he remains bullish on the sector, adding, “This too shall pass.” His firm recorded a $555 million loss in the second quarter, due partly to the stablecoin terra and its related cryptocurrency, luna, collapsing. Last month it ປະກາດ it would cut as much as 20% of its global workforce, and registered a ການສູນເສຍ 68.1 ລ້ານໂດລາ ສໍາລັບໄຕມາດທີສາມ.
But Galaxy, currently listed in Canada, remains ຫມັ້ນສັນຍາກັບ a Nasdaq listing at some point, and Novogratz also senses some opportunity in the current crypto downturn. “There will be a lot of distressed assets,” he noted. “We’re looking at some small acquisitions.”
Fortune reached out to Galaxy Digital, FTX and Bankman-Fried for comment but did not receive immediate replies.
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Source: https://finance.yahoo.com/news/crypto-billionaire-mike-novogratz-says-180057412.html