Mark Cuban Says FTX's Sam Bankman-Fried Should 'Be Afraid of Jail'
Mark Cuban, the billionaire owner of the Dallas Mavericks, believes that crypto is not going anywhere, but suggested that disgraced FTX founder Sam Bankman-Fried might be heading to a correctional facility.
“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time,” Cuban told TMZ. "I talked to the guy and thought he was smart.. I had no idea he was going to take other people's money and put it to his personal use."
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
Cuban has been an ardent proponent of crypto, in the past claiming popular memecoin Dogecoin was "real money" and the "strongest" medium of exchange. However, in recent months he has generated controversy for his role promoting now bankrupt crypto lender Voyager.
"Cuban and [Voyager CEO Stephen Ehrlich]... went to great lengths to use their experience as investors to dupe millions of Americans into investing — in many cases, their life savings — into the deceptive Voyager platform and purchasing Voyager earn program accounts, which are unregistered securities," the class-action lawsuit says. "As a result, over 3.5 million Americans have now all but lost over $5 billion in cryptocurrency assets."
Cuban, who is an Ethereum maximalist, doubled down on his belief that the FTX collapse will not be a death knell for the crypto industry. "Separate the signal from the noise," Cuban said. "There's been a lot of people making a lot of mistakes, but it doesn't change the underlying value."
