Sam Bankman-Fried disliked Bitcoin because he couldn’t control it: Ark CEO

Category: Americas Crypto Regulatory

Ark Invest CEO Cathie Wood accused FTX founder Sam Bankman-Fried of not liking Bitcoin because it is ‘transparent and decentralized’.

The chief executive of the investment giant delivered a damning assessment of the FTX saga in a Dec. 10th tweet, mere days before Sam Bankman-Fried was taken into custody by Bahamas authorities.

Fried has since been charged with fraud, conspiracy to commit money laundering, and conspiracy to defraud the US and violate campaign financing laws by multiple federal agencies. The disgraced founder’s legal team declared in court that he would contest extradition to the United States.

As the legal consequences of FTX’s implosion continue, Bitcoiners have not extended any sympathy towards the once-revered founder. 

Wood wrote: “no wonder Sam Bankman-Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”

In the tweet, Wood linked to ARK’s latest Bitcoin market analysis, in which well-known analysts, including David Puell underscored a positive tone despite recent setbacks.

“ARK’s conviction in decentralized and transparent public blockchains is as strong as ever,” it stated.

“The FTX and other cases like Celsius and Alameda suggest that decentralization and transparency are paramount as antidotes to the gross mismanagement that can be associated with centralized intermediaries, especially fraudulent ones.” in November filed for bankruptcy protection in the U.S., with Bankman-Fried stepping down as a result.

In a release posted on Twitter, the company said that and 130 related entities are included in the bankruptcy filing in the District of Delaware. These include Alameda Research.

John J. Ray III was appointed as CEO. The release said that many employees will remain to help ray and independent professionals during the bankruptcy proceedings.

“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”


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