Despite Sam Bankman’s FX collapse, Mark Cuban will not abandon cryptocurrency.
The billionaire owner of the Dallas Mavericks and investor on “Shark Tank” told Tmz on Saturday that fundamentals trump short-term volatility.
He said, “Separate the signal from the noise.” Numerous people have made numerous errors, but this does not alter the underlying value.
Cuban had said in September that cryptocurrency as it is now is “boring” and doesn’t have many new uses.
Also this summer, a new lawsuit was filed by a group of unhappy investors who said that Cuban and the Dallas Mavericks lied to them to get them to invest in Voyager Digital’s now-defunct cryptocurrency trading platform.
Cuban also addressed Bankman Fried, stating that the former FX CEO should be concerned about possible jail time.
“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time,” he told Tmz, adding that he has spoken to him before and considered him intelligent.
The Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Department of Justice are investigating FX for possible misuse of client funds. Bankman Fried himself is the subject of an SEC investigation, according to reports.
On November 11, Ftx filed for bankruptcy amid reports that it transferred billions of dollars in client funds to Bankman-Alameda Fried’s Research.
According to Reuters, Bankman Fried has previously denied implementing a “backdoor” that allowed him to execute commands that could alter Ftx’s financial records without alerting others, including auditors.
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