Edward Snowden slams Sam Bankman Fried on manipulative market behavior.
In a tweet on Wednesday, National Security Agency (NSA) whistleblower Edward Snowden slammed the system’s arbitrary standards on deciding what is considered criminal about Sam Bankman Fried’s willful misleading of the general public.
And they call *me* a criminal. https://t.co/7Gw8JK16Nv
— Edward Snowden (@Snowden) November 9, 2022
The former government official took to Twitter to weigh in on what could be considered the largest financial fiasco of the year after Chief executive officer of FTX, Sam bankman Fried, in a series of now deleted tweets, severally assured customers of the safety of their funds meanwhile SBF rehypothecated said funds into other crypto deals.
Twitter users were quick to weigh in on the matter, “Exposing mass surveillance to one’s detriment is the real “effective altruism” alluding to Sam’s incessant moves to be seen as an altruist.” Another user added.“We live in a world where telling the truth is a crime while true criminals lay in bed with politicians.”
Before prevailing realities, it bears mentioning how the FTX founder gained the confidence of the general cryptocurrency market; since the market crash in the spring, the young, self-proclaimed “effective altruist” has been a beacon of hope to investors, large and small. Where other companies have faltered, FTX seemed to be thriving.
Since May, the 30-year-old had given credit lines for struggling firms like BlockFi, secured lucrative acquisitions, and participated in high-profile media interviews.
“More crypto exchanges will fail,” he said in one interview, adding that some firms are “secretly insolvent.”
Now it seems his company joins the growing list of cryptocurrency businesses that have failed thanks to a recurring problem – human hubris, financial self-dealing, and untransparent markets.
Mr. Snowden, a long-time proponent of decentralization, satoshi, and bitcoin, added that “custodial exchanges were a mistake” about what history in crypto has shown.
Custodial exchanges were a mistake.
— Edward Snowden (@Snowden) November 9, 2022
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