Galaxy Digital CEO Criticizes Sam Bankman-Fried

Galaxy Digital CEO Mike Novogratz has spoken out about Sam Bankman-Fried, that he is free to run around the Bahamas while allegations of his delinquency remain.

In an interview with CNBC on November 23, Novogratz claimed that he was surprised Sam was still able to use illicit funds from his clients to hold press conferences. The Galaxy Digital CEO said:

“Sam Bankman-Fried… Certainly did things with our coins that were illegal, and he’s running around the Bahamas giving press conferences going on TV. That whole thing kind of surprises me. I think his day will come.”  

Additionally, according to Novogratz, the former CEO of FTX broke his agreement with customers.

“Nobody who participated in that exchange signed a contract that Sam could take your coins and run a hedge fund with them, and you know, that’s fraud.” 

The FTX bankruptcy court is still ongoing, and consumers are still awaiting a potential path ahead for compensation when Novogratz made his remarks.

Notably, the court heard during the first day of the bankruptcy case that the exchange was run like a personal fiefdom with unaccounted-for customer assets. According to FTX representatives, those creditors are also customers, and if competitors knew about it, they might snatch their clients away.

Coincu will continue to update the situation related to Sam Bankman-fired Trial Live, you can find out more information through this article.

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Harold

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