Michael Novogratz: Sam Bankman-Fried should be in jail

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Well-known cryptocurrency enthusiast Michael Novogratz criticized the former CEO of the bankrupt FTX exchange, Sam Bankman-Fried, and said that heshould be in jail.

This week Sam Bankman-FriedBankman-Fried has made several public appearances, including an interview with Andrew Ross Sorkin of the New York Times. In this interview, Bankman-Fried stated that he never intended to commit fraud, for which he came under criticism from Michael Novogratz:

“It’s amazing that the lawyers allowed himfree to speak. While watching the interview, I got the impression that Bankman-Fried was delusional. The reality is that he, along with his accomplices, committed an outright fraud, they stole money from people. And they should be in jail."

It is worth noting that Galaxy Digital, founded by Novogratz, also suffered losses from the collapse of the FTX exchange. Galaxy Digital's total investment in FTX was $76.8 million.

In addition to Novogratz, Sam's statementsBankman-Fried was also criticized by Jesse Powell, CEO of the Kraken exchange. He emphasized that the former head of FTX has absolutely no understanding of margin trading and organizing the business of a cryptocurrency exchange.

Earlier, billionaire Mark Cuban noted that the bankruptcy of the FTX exchange was caused by a violation of classical financial rules applicable to the banking business.