SBF 'didn't like' decentralized Bitcoin — ARK Invest CEO Cathie Wood

1 year ago

Bitcoin (BTC) is excessively “decentralized and transparent” for erstwhile FTX CEO Sam Bankman-Fried, says Cathie Wood.

In a tweet connected Dec. 10, Wood, who is CEO of concern elephantine ARK Invest, delivered a caller damning appraisal of the FTX saga.

Wood: SBF "couldn't control" Bitcoin

As the ineligible ramifications of FTX and Bankman-Fried, besides known arsenic SBF, continue, Bitcoin loyalists are giving him small sympathy.

ARK’s Wood is present firmly among them, not mincing her words arsenic BTC terms enactment continues to commercialized astir 20% down implicit the month.

“The Bitcoin blockchain didn’t skip a bushed during the situation caused by opaque centralized players,” she wrote.

“No wonderment Sam Bankman Fried didn’t similar Bitcoin: it’s transparent and decentralized. He couldn’t power it.”

Wood linked to ARK Invest’s latest Bitcoin marketplace summary, “The Bitcoin Monthly,” successful which analysts including David Puell came retired bullish connected BTC contempt the caller setbacks.

“ARK’s condemnation successful decentralized and transparent nationalist blockchains is arsenic beardown arsenic ever,” it stated.

“The FTX and different cases similar Celsius and Alameda suggest that decentralization and transparency are paramount arsenic antidotes to the gross mismanagement that tin beryllium associated with centralized intermediaries, particularly fraudulent ones.”

As Cointelegraph reported, ARK has nevertheless doubled down connected its vulnerability to different crypto firms feeling the heat from FTX, notably Grayscale, portion of the Digital Currency Group (DCG) conglomerate, successful the signifier of accrued holdings of the Grayscale Bitcoin Trust (GBTC).

The latest acquisition of astir 177,000 GBTC shares occurred connected Nov. 21, according to data from Wood’s dedicated website, Cathie’s Ark.

Bankman-Fried has fewer allies successful Bitcoi

Meanwhile, the FTX saga rolls on, with Bankman-Fried taking halfway signifier arsenic revelations proceed to determination out.

Among the astir caller was quality that FTX subsidized crypto quality outlet, The Block, via covert payments to its present erstwhile CEO, Mike McCaffrey.

Further reports bespeak that Bankman-Fried deliberately attempted to destabilize the Bitcoin blockchain to assistance bounds the FTX fallout.

"Sam utilized stolen & counterfeit wealth to corrupt the constitution & undermine bitcoin," MicroStrategy CEO, Michael Saylor, tweeted implicit the play successful a likewise hardline stance to Wood.

"This is conscionable the extremity of the iceberg. How galore different journalists, academics, wealth managers, politicians, charities, influencers, & lobbyists did helium corrupt oregon co-opt?"

BTC/USD traded supra $17,000 into the play close, information from Cointelegraph Markets Pro and TradingView showed, with macro volatility owed successful the coming week.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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