- Emin Gun Sirera expressed this opinion in a podcast for Decrypt
- He considers Bankman-Fried “a boy with a genius complex”
- And its popularity is the result of thoughtful marketing.
With his actions, former FTX CEO Sam Bankman-Fried caused immeasurable damage to the nascent cryptocurrency industry. Emin Gün Sirera, founder and CEO of Ava Labs, thinks so.
He shared his opinion on this matter with the audience as part of a podcast for the Decrypt portal. You can listen to the full recording on Spotify at link.
“The damage he has done is immeasurable. All that we have built over many years of hard work has gone to dust. Some boy with a genius complex ruined everything, ”- Sirera emphasized.
These are not empty words. Sirera himself also had a hand in the formation of the cryptocurrency segment. In a podcast, he noted that he saw how the industry “bloomed” literally from nothing.
The regulatory shift brought about by the FTX bankruptcy could be devastating for the entire segment. And this thought keeps Sirera up at night.
Bankman-Fried’s status plummeted from “unrecognized genius” to “fraudster” in just six months. Why his whole scheme was hidden from the public for a long time, Sirera explained the huge spending on marketing and image.
As for the future of the industry, CEO Ava Labs sees only one way for the further development of the market – a constructive dialogue with the authorities. But even so, the effects of the FTX collapse will be felt for years to come.
However, according to Sirera, if Bankman-Fried had had a couple more years, the situation would have become much worse. Recall that this fall, the disgraced CEO of FTX will appear before the court.
Now he is trying to “squeeze” the maximum out of his situation. He asks the court to leave him the right to communicate with the company’s employees and refuses to plead guilty to fraud.