Cardano Founder Accuses FTX Corruption

In the past few hours, Charles Hoskinson, the founder of the Cardano blockchain platform, has sparked a storm of criticism by denouncing what he considers media cover-up and a level of corruption in high financial circles surrounding the case involving Sam Bankman-Fried, CEO of FTX.

His comment, posted on X, has put the spotlight on Sam Bankman-Fried (SBF), the founder and former CEO of the now-defunct crypto exchange, FTX.

Looking at Michael Lewis's dumpster fire of a book, there seems to be a group of people in the elite circles who desperately want to somehow get a public exoneration for SBF. We saw this with the kid gloves treatment by the New York times and now a book that's basically an…

— Charles Hoskinson (@IOHK_Charles) October 9, 2023

Hoskinson, known for his contributions to the crypto ecosystem, did not hesitate to compare SBF to the infamous fraudster Bernie Madoff. In his tweet, the creator of Cardano points out that it is “extraordinary” that SBF is receiving lenient treatment from the media due to his connections in elite circles.

Furthermore, he considers this situation as a clear indication of the depth of corruption in the current financial system.

Hoskinson’s criticism is focused on the media coverage surrounding SBF and attempts to rehabilitate the image of this controversial entrepreneur. Michael Lewis’s new book, “Going Infinite: The Rise and Fall of a New Tycoon,” has been pointed out as an example of this apparent image-cleaning campaign.

Hoskinson describes the book as a “trash fire” and sees it as another attempt to absolve SBF of the accusations against him.

Lewis’s book portrays SBF as someone who initially had noble intentions in the crypto world but made serious mistakes as his exchange, FTX, grew exponentially. Lewis aims to convey the idea that SBF is a misunderstood figure, and the world does not truly know his real nature.

FTX Accumulating Accusations

However, the controversy surrounding SBF does not stop at Hoskinson’s criticism. Even Elon Musk has joined the conversation with a series of tweets on X, suggesting that due to the characteristics of the circle surrounding SBF, a proper investigation will never take place.

SBF was a major Dem donor, so no investigation

— Elon Musk (@elonmusk) November 13, 2022

Accusations of political ties with the Democratic Party and massive political donations totaling millions of dollars in favor of Democratic figures have been raised. These accusations have led to speculation about whether these political connections could have influenced media coverage and treatment of SBF.

Amid contrasting opinions, ranging from viewing SBF as a philanthropist who made mistakes to comparing him to a high-caliber criminal, serious accusations against him, such as mismanagement of customer funds, fraud, and conspiracy to launder money, continue to be the center of attention in his ongoing trial.