Pompliano said the market was FTX's "judge, jury, and executioner."
Jessie A Ellis Nov 17, 2022 19:06
Former FTX CEO Sam Bankman-Fried is a pariah in the crypto industry for "careless" mishandling of customer funds and strange behavior on Twitter.
Anthony Pompliano, a prolific podcaster and investor in cryptocurrencies, maintains that he has not have lost confidence in people or in the cryptocurrency sector despite the disheartening behavior of the former CEO of FTX, Sam Bankman-Fried.
Bankman-Fried, who was once widely regarded as cryptocurrency's "white knight," is now a pariah in the cryptocurrency industry due to the "careless" mishandling of FTX customer funds and his ongoing strange behavior on Twitter. He has also admitted that the "careless" mishandling of FTX customer funds was his fault.
Pompliano was asked on November 17 at the Texas Blockchain Summit how to assure high-quality representation "in the corridors of power." In response, he said that market forces eradicate bad individuals as swiftly as they kill poor businesses:
"It may seem a bit contradictory, but the free market is a hell of a fucking referee," said one commentator. If you see what just occurred, you'll see that this industry is the one who demanded accountability from the industry. "CZ is the one who brought that firm [FTX] to its knees by using the dynamics of the market," he said.
On November 15, Pompliano made the following statement while appearing on CNBC: "I believe there are a lot of individuals claiming, 'I don't have any knowledge. I have absolutely no idea what is going on.'"
Pompliano also said that he had firms that had money on FTX's platforms and that he had an advertising arrangement with the cryptocurrency exchange.
Together with Mark Yusko, Bitcoin advocate and entrepreneur Anthony Pompliano established the digital asset management firm Morgan Creek Digital Assets in 2018 in the state of North Carolina. Additionally, he is the proprietor of the website Pomp Crypto Jobs. As a result of his statements that the pseudonymous creator of Bitcoin, Satoshi Nakamoto, should be awarded the Nobel Peace Prize, his advocacy for the inclusion of cryptocurrencies in pension funds, and his dismissal of the energy consumption of cryptocurrency mining with the statement that "crucial things in the world use energy," he has garnered a lot of attention.
Before FTX invested $680 million in BlockFi as part of a rescue in July, reports indicate that Morgan Creek Digital Assets was working on putting together an alternative bid for the cryptocurrency lender.
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