In the midst of the ongoing trial of Sam Bankman-Fried (SBF), co-founder of the defunct crypto exchange FTX, prominent figure Charles Hoskinson has voiced alarm over what he perceives as a sympathetic portrayal of SBF in recent media coverage. Hoskinson’s concerns center around influential individuals connected to Bankman-Fried potentially influencing the narrative to avoid his conviction.
At the heart of this controversy is the biography titled “Go Infinite,” penned by acclaimed author Michael Lewis, which delves into the rise and fall of Sam Bankman-Fried. Critics, including Hoskinson, have accused Lewis of crafting a narrative that paints SBF in a more favorable light than some believe is warranted. Bankman-Fried is portrayed as a “genius weirdo” who was misunderstood by many, with the book allegedly failing to provide a balanced view of the Web3 and crypto technologies landscape.
Charles Hoskinson, co-founder of the Cardano network, has expressed deep reservations about what he sees as a concerted effort to exonerate Sam Bankman-Fried in the court of public opinion. In a recent post on X (formerly Twitter), Hoskinson asserted that a group of influential individuals within elite circles may be working behind the scenes to secure a favorable image for SBF, despite the serious legal charges he is currently facing.
Hoskinson’s comments underline the surprising lack of critical scrutiny by the media, considering the gravity of the allegations against Bankman-Fried, whom he has likened to the infamous Bernie Madoff. Bankman-Fried is on trial for a range of charges, including mismanagement of customer funds, fraud, and conspiracy to launder money.
Recent developments in the trial have further fueled concerns. Prosecutors have taken steps to prevent Bankman-Fried’s defense team from introducing evidence that FTX had plans to reimburse customers using its investment in Anthropic. This move has raised eyebrows in the crypto community, with observers questioning the legal argument that seems to justify diverting customer funds for undisclosed investments.
Crypto expert Adams Cochran expressed his incredulity on social media, stating,
“The lawyers are arguing it is ok for him to steal your money and make investments without your knowledge because it might break even.”
FTX Co-Founder Gary Wang testifies against SBF
In a significant turn of events, FTX co-founder Gary Wang recently took the witness stand to testify against his former classmate and confidant, Sam Bankman-Fried. Wang’s testimony has shed light on alleged financial improprieties within the exchange. According to Wang, financial crimes were orchestrated by Bankman-Fried and two other key executives, Nishad Singh and Caroline Ellison.
These revelations have further intensified the scrutiny surrounding SBF’s actions during his tenure at FTX, bolstering the prosecution’s case against him.