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 utterly 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 know-how supplies full clear exercise on the chain:
“Whereas blockchain know-how, public blockchain are utterly 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 as a consequence of FTX. Moreover, she argues that the overarching know-how considerably enhances safety and danger mitigation:
“Decentralization will increase the safety of the blockchain,” she added.
Regardless of Wooden’s general optimistic view of crypto, current studies point out that, as Bitcoin skilled a surge in its worth, she determined to unload quite a few her crypto investments, together with her positions in Coinbase and Grayscale Bitcoin Belief (GBTC).
Study extra: 51% Attacks on the Blockchain Explained: What Are the Dangers?
Sam Bankman-Fried Awaits Sentencing
This follows current studies of SBF’s conviction on all seven fraud costs associated to defrauding FTX prospects. This occurred when the alternate collapsed in November 2022.
On November 3, a jury of 12 members delivered a responsible 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 Choose Lewis Kaplan has set SBF’s sentencing date for March 28, 2024.
Nevertheless, SBF’s authorized workforce plans to enchantment the decision. SBF has constantly pleaded not responsible through the trial, asserting his innocence concerning the billions of {dollars} in misplaced FTX buyer funds.
Study extra: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell