FTX bankruptcy is “someone running a company that is just as dumb as greed,” says Mark Cuban

Mark Cuban, billionaire owner of Dallas Maverick, recently offered his view on the internal meltdown of crypto platform FTX late this week.

“This is someone who runs a company that is just ridiculous greed.”

– Mark Cuban

Cuban speaks Friday at a conference in Washington, D.C. hosted by Sports Business Magazineshared the view that greed was the root cause of the downfall of one-time beloved cryptocurrency Sam Bankman-Fried, whose company FTX Group has just applied for Chapter 11 Bankruptcy.

So what is Sam Bankman doing? [Fried] He does, he just – “Give me more, give me more, give me more.” So I will borrow the money, lend it to an affiliate and hope and pretend to myself that the FTT tokens that are there on my balance sheet will maintain their value.”

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The collapse of FTX represents an astonishing turnaround for a company that was once valued at $26 billion, whose founder, Bankman-Fried, was seen by many in the crypto industry as a leading representative of the crypto-exchange wild west.

On Thursday, the 30-year-old businessman chirp: “I was manipulated, and I should have done better,” referring to the stock market crash.

A beleaguered FTX, which has reached billions of dollars, has sought bankruptcy protection after an exchange tested the crypto equivalent to power a bank. FTX, a hedge fund of Alameda Research, and dozens of other related companies also filed for bankruptcy in Delaware on Friday morning. Sam Bankman Fred’s net worth has reached nearly $16 billion recently Almost all evaporated In the wake of the FTX explosion, according to Bloomberg Billionaires Index.

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The price of the original FTT token has fallen by 88.8% over the past seven days to around $2.74, according to CoinMarketCap Data.

The US Department of Justice and the Securities and Exchange Commission are looking into cryptocurrency exchanges to determine whether any criminal activity or securities-related offenses have been committed.

Regulators are examining whether FTX is using customer deposits to fund bets at Alameda Research, which is prohibited in traditional markets, according to reports.

Cuban, one of the stars of the investment show “Shark Tank” and the owner of the NBA’s Dallas Mavericks, is a big investor in crypto and blockchain platforms. according to CNBC Report, he said so 80% of his investment Which Shark Tank isn’t all about crypto.

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For his part, Cuban is part of a class action accusing to mislead investors In registering for accounts with crypto platform Voyager Digital, which filed for bankruptcy in July. The lawsuit alleges that Cuban promoted and referred to his support for Voyager.As close to being risk-free as you will enter the world of crypto. “

Cuban Voyager mentioned in his Friday interview. Representatives of the billionaire investor did not immediately respond to a request for comment.

Mavericks owner Twitter took over On Saturday, he said that the implosion of cryptocurrencies was a bank explosion. Wrong entity lending, miscalculation of collateral, arrogant judgments, followed by depositors’ operations.”

Cuban’s net worth is $4.6 billion, According to Forbes magazine.

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