Happy day to members of the Leo finance community, I hope you all are doing well.
One of the pending crypto cases I wouldn’t say is in crypto court though is the case of losses in FTX funds.
Recently did Sam Bankman Fried filed for bankruptcy case as regards FTX saga.
It is necessary to understand that money evaporated from user’s wallet through drainage method and they were prevented from exchanging their asset in their own favor. Where is the decentralization we're clamoring for?
Bankruptcy is a legal case involving financial organization who gets into business deals that are unfavorable and ends in loss.
This may lead to physical attack of the person in question (SBF) and hence the court needs to warrant the protection of his life but it has to be dully followed.
In my own opinion I think he should continue the process but be prepared for proper questioning because there is nothing you will tell me that happen in this case you prevented liquidity of your asset and all of a sudden people saw a drain in their asset, how do you intend to even explain this to me it was a collaborative effort of the CEO and other third parties.
This is purely visible scam in crypto hiding under the shade of court.
What would really be the outcome of the case or are you trying to tell me that over billions of investors’ funds are currently hanging somewhere in the air? This is purely a joke to my understanding. It is visible that in this case funds were not efficiently managed and are gone; funds were used to bet which is not supposed to be so because they trusted you enough to build on your existing system.
There is a need for implementation of laws guiding crypto in order to favor investors.
I will be presenting reactions as regard
Here is a tweet from popular business man Elon Musk, he likened the case to another’s opinion stating clearly that SBF was bad at league.
This is a statement considering SBF deeds in the financial sector I am very sure he didn’t play his cards right and at the end of the day lost the battle.
My suggestion as regards this issue
In crypto were you don’t know about the life of anyone claiming to be a CEO of any financial company, it is very essential for investors to call for Regulation.
Regulation in crypto will prevent such cases because of the presence of governing bodies to look after people funds.
In crypto regulation according to my suggestion, the CEO of any crypto companies should not only be responsible for funds management.
I know there can be a scenario of liaising with third parties to carryout fraudulent act under regulations but this calls for the needs of ensuring artificial system of protection which is linked to informing the user is been built.
However this body regulating crypto will be responsible for repayment if there are losses encountered such as the case of Sam Bankman Fried.
Thanks for reading, let’s all support crypto regulation now.
