As the disgraced crypto investor Sam Bankman Fried (SBF) waits for the court ruling on his involvement in the implosion of the Bahamian crypto exchange FTX, the community is engaging in a heated argument about the outcome of the case. Based on the testimonies in the ongoing trials, some investors have been sympathetic towards the former FTX boss.
Community Sides with Former FTX CEO
In an X post (formerly Twitter), John Deaton, the renowned crypto legal advisor, criticized the SBF supporters. In his statement, Deaton described the SBF supporters as unfit to manage public and corporate funds.
The pro-crypto lawyer noted that the SBF proponents recognized SBF as a good person who made mistakes while attempting to drive the company toward success. The lawyer expressed his disappointment with the SBF sympathizers and urged fast-paced media outlets, such as CBS’ 60 Minutes show, to avoid interviewing them.
Following the investigative stories covering the largest financial fraud in American history, the crypto community has different opinions concerning the FTX case. The report indicates that the investors affected by the fallout of FTX continue to blame the former CEO for his actions.
On the other hand, some of the investors have been attempting to dignify SBF on different social media platforms.
Sam Bankman Fried Described as Crypto Hero
Following the filing of FTX’s Chapter 11 of the bankruptcy protection, interviews concerning the crashing of the SBF’s crypto empire took center stage as most media outlets sought to gather first-hand information. Addressing the media, the troubled crypto investor was portrayed as a “crypto hero.” Reportedly, most interviews where the disgraced tycoon was given a positive outlook fueled criticism from the Web3 community.
In the meantime, as the court proceeds with SBF trials, which commenced on October 3, the prosecutors and the defense team are engaging in a fierce legal battle. Reflecting on a startling revelation from SBF parents Allan Joseph Bankman and Barbara Fried concerning the Stanford University $5.5 million donation, Deaton accused the parents of supporting the son in criminal activities.
The lawyers endorsed the opinion of key players in the crypto sector who argued that Fried and Bankman played a critical part in their son’s questionable behavior. In a recent testimony, the two are alleged of requesting for funding from FTX to support research on the COVID-19 pandemic prevention measures, which Stanford University carried out.
The report portrays that the SBF parents leveraged their influential capabilities to acquire funds to enrich themselves. The court document also illustrated that from the FTX donation, Fried and Bankman rerouted the funds to personal use contrary to the intended purpose.
FTX Recovery Plan
Following the attempts to recover the FTX funds, Stanford University agreed to return the donation to the now-defunct crypto exchange.Led by the FTX’s new chief executive, John Ray, the embattled crypto exchange has managed to recover assets worth around $7 billion. However, the CEO anticipates recovering more investments in the coming days.