Crypto Advocate John Deaton Condemns Ex-FTX CEO's Supporters Amid Fraud Allegations
Summary:
John Deaton, a crypto advocate and lawyer for XRP holders, criticizes supporters of ex-FTX CEO Sam Bankman-Fried (SBF), amidst his ongoing trials related to the failure of their crypto business. Deaton firmly believes SBF, who allegedly mismanaged $8 billion, and his parents, should be held responsible. This has led to division within the crypto community, with many fearing similar future misconduct. In a related development, Stanford University decided to refund SBF's $5.5 million donation for COVID-19 research.
Crypto advocate and legal representative of XRP holders, John Deaton, publicly denounced those portraying ex-FTX CEO Sam Bankman-Fried (SBF) in a sympathetic light amidst ongoing investigation into their failed cryptocurrency enterprise. In a post on his official X platform, Deaton opined that those who view SBF as a well-meant individual who merely committed "mistakes" and blame the company's rapid growth for his mishandling, are ineligible to wield authority over fiscal matters. He also argued against such advocates being allowed valuable media exposure through platforms like 60 Minutes.
A polarizing division has surfaced in the crypto community as some express serious concern over SBF's purported investor fraud allegations, while others strive to cast him in a favorable light within media channels. Despite FTX's bankruptcy declaration, SBF maintained an active presence in media discussions, often hailed as a crypto luminary, which stirred disapproval within the Web 3.0 community.
Reports have implicated SBF in the mismanagement of approximately $8 billion, mirrored by the insolvency evident in the exchange's bankrupt records. Under the stewardship of John Ray III, the trading platform managed to recuperate over $7 billion. Nonetheless, demands are increasing for legal ramifications against SBF as a preventive measure against similar misconduct by future innovators in the industry. The legal counsel for XRP holders maintains a firm stance on implicating Joseph Bankman and Barbara Fried, SBF's parents, in the matter.
Although current FTX leadership is engaged in a legal battle against them, no regulatory body has enforced a lawsuit against the reputed Stanford University law scholars. The crypto law attorney strongly insists on attributing full liability to both Bankman and Fried, a sentiment endorsed by many industry insiders.
In response to the criticism received, as reported by Bloomberg, Stanford University—being a beneficiary of SBF's philanthropy—has chosen to refund the $5.5 million donation dedicated for COVID-19 research.
Published At
10/8/2023 7:33:14 AM
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