MicroStrategy Executive Chairman Michael Saylor spoke on Tuesday about the layers of evil and mismanagement behind FTX’s collapse last month.
The executive accused the exchange’s former CEO, Sam Bankman-Fried, of both committing securities fraud through FTT, and using the asset as collateral to gamble away his depositor’s money.
Dissecting the FTX Fraud
In an interview with Patrick Bet David on Monday, Saylor – a self-proclaimed “Bitcoin Maximalist” – began by naming what he sees as Bankman-Fried and the crypto industry’s first moral crime: the “sin of shitcoinery.”
“Sam and most of the people in the crypto world were always guilty of pumping and promoting unregistered securities,” he said. “That was obvious to the chair of the SEC [and] most politicians.”
Bankman-Fried’s company was responsible for issuing a token called FTT, which offered various benefits to users of his exchange. Once a top 25 cryptocurrency, the asset collapsed by over 90% in value d
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