SBF had no care for his Legacy: September 2022 interview reveals

• During a September 16, 2022, interview with CNBC, Sam said he did not care about his legacy. 
• All he cared about was his impact on the industry. 
• He wanted FTX to be a global exchange, allowing people access to liquidity. 

The former “white knight” of the crypto industry, Sam Bankman-Fried garnered quite a reputation which vanished with the collapse of his brainchild – FTX. The collapse resulted in contagion risk in the market, affecting several firms. The Bahamian authorities arrested him on December 12, 2022, and the United States authorities are trying to bring him in for trial in US courts. Before the high-profile collapse, Sam shared his plans for the future of FTX and his Legacy. 

During an interview with CNBC on September 16th, SBF noted that his main focus is to create impact and that he does not care about his Legacy. 

 “I dont give a [expletive] about Legacy. I care about the impact that I have but like it’s not like the thing I try to remind myself of. At the end of the day what matters is the impact I have,” he said. 

He shared his long-term vision for FTX, despite the fact that, at the time, the exchange was struggling in the ongoing crypto winter. He wanted to establish FTX as a global platform allowing people to access liquidity in a ‘sophisticated, powerful way.’ Ironically, the troubles started for the exchange with a liquidity crunch. 

He further added that he wished FTX was licensed in more jurisdictions. He also suggested that FTX was the most regulated platform on the planet.

It’s a too-good-to-be-true scenario that Sam was arrested just a day before his appearance before congress, where he was about to unveil the causes and incidents for its collapse. 

Is Sam a manipulator?

US House of Representative member Patrick McHenry said that SBF leveraged the new technology in committing old-school fraud. As Sam is among the key donors for different causes in the states, the lawmaker noted that the FTX founder was a manipulator. His statement is visible in Bankman’s recent media appearances.  

SBF’s current status

Right now, SBF is held at Fox Hill prison in the Bahamas, where his $250,000 bail plea was denied. And now he is on remand till February 8, 2023, pending an extradition request from the US authorities. However, SBF’s legal team is prepared to fight the extradition plea should the US make one. The United States and the Bahamas already have a treaty for extradition in place since 1994.

SBF may be facing several years of imprisonment; this was warned by Ira Lee, the lawyer who represented the triggerman of the largest individual Ponzi Scheme, Bernie Madoff. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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