Ark Invest founder Cathie Wood has slammed disgraced FTX founder Sam Bankman-Fried (SBF) as representing the opposite of what blockchain is supposed to be.
āHis company was completely opaque, not transparent and centralized,ā she stated.
Cathie Wood Advises Against Associating SBF with Crypto
During a recent speech at the AI, Web3 and Real Estate Summit, Wood explained that despite blockchainās anonymity, the technology provides complete transparent activity on the chain:
SponsoredāWhereas blockchain technology, public blockchain are completely transparent, they may be pseudonymous, but you can see activity on chain.ā
Wood emphasizes that crypto and blockchain should not be underestimated due to FTX. Furthermore, she argues that the overarching technology significantly enhances security and risk mitigation:
āDecentralization increases the security of the blockchain,ā she added.
Despite Woodās overall optimistic view of crypto, recent reports indicate that, as Bitcoin experienced a surge in its price, she decided to sell off a number of her crypto investments, including her positions in Coinbase and Grayscale Bitcoin Trust (GBTC).
Learn more: 51% Attacks on the Blockchain Explained: What Are the Dangers?
Sam Bankman-Fried Awaits Sentencing
This follows recent reports of SBFās conviction on all seven fraud charges related to defrauding FTX customers. This occurred when the exchange collapsed in November 2022.
On November 3, a jury of 12 members delivered a guilty verdict for SBF. This came after prosecutors accused him of embezzling $8 billion from the exchangeās customers, allegedly motivated by pure greed.
US District Judge Lewis Kaplan has set SBFās sentencing date for March 28, 2024.
However, SBFās legal team plans to appeal the verdict. SBF has consistently pleaded not guilty during the trial, asserting his innocence regarding the billions of dollars in lost FTX customer funds.
Learn more: FTX Collapse Explained: How Sam Bankman-Friedās Empire Fell
Uphold