{"id":9009,"date":"2022-12-06T21:33:02","date_gmt":"2022-12-06T21:33:02","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9009"},"modified":"2022-12-06T21:33:04","modified_gmt":"2022-12-06T21:33:04","slug":"morgan-creek-ceo-says-ftx-co-founder-sbf-was-a-pawn-used-to-punish-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9009","title":{"rendered":"Morgan Creek CEO Says FTX Co-Founder SBF Was a &#8216;Pawn&#8217; Used to &#8216;Punish&#8217; the Crypto Industry"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Following FTX\u2019s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it\u2019s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a \u201cpawn\u201d or \u201cuseful idiot\u201d leveraged to \u201cpunish the industry.\u201d<\/strong><\/p>\n<h2>Morgan Creek\u2019s Mark Yusko: \u2018This Debacle Is a Fraud Perpetrated by, I Believe, Someone Above the Useful Idiots\u2019<\/h2>\n<p>Since the Terra LUNA fallout and the great number of business failures that followed the event, there\u2019s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of CNBC\u2019s Mad Money show, Jim Cramer, Galaxy Digital\u2019s CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla\u2019s CEO and Twitter chief, Elon Musk.<\/p>\n<p>On Friday, Mark Yusko, the CEO and founder of Morgan Creek Capital Management, told Kitco\u2019s lead anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried (SBF) was a \u201cpawn.\u201d \u201cThey are just pawns in a very large, very elaborate system that was designed to do money laundering,\u201d Yusko told Kitco\u2019s lead anchor. \u201cIt is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry,\u201d he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.<\/p>\n<p>Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning that it is not controlled by any single entity. Bitcoin (BTC) and defi challenges concepts like fiat currency and central planning, Yusko informed the Kitco broadcast host. Yusko and many crypto proponents believe defi offers a number of benefits, including greater accessibility, transparency, and security. \u201c[Blockchain] replaces trust with truth,\u201d Yusko explained to Makori.<\/p>\n<p>\u201cWho are the arbiters of trust today? Financial institutions, third-party middle people, a $7 trillion industry,\u201d Yusko elaborated. \u201cThey would like to not be disrupted by defi and digital assets. It is possible that some group of incumbents might have tried to lobby for regulation to delay, obfuscate or change the course of this disruption.\u201d<\/p>\n<p>Yusko also pointed out that it\u2019s possible \u201csomeone above\u201d SBF or Alameda Research\u2019s Caroline Ellison worked to achieve a common goal, at the expense of the crypto industry. \u201cThis debacle is a fraud perpetrated by, I believe, someone above the useful idiots. Those two are not playing 10D chess,\u201d the Morgan Creek CEO expounded. \u201cVery large sums of money went to political candidates. There is evidence of [Sam Bankman-Fried] saying that he was going to give $1 billion in the next election,\u201d Yusko added.<\/p>\n<p>Yusko is extremely bullish on bitcoin (BTC) and in a May 6, 2020 interview, the Morgan Creek CEO said he expected the leading crypto asset to tap $250,000 in five years. During the discussion, Yusko also opined that bitcoin\u2019s price could reach $400K to $500K as well. During his interview with Makori, Yusko noted that the U.S. could risk becoming stagnant if it over-regulates the industry. \u201cIf we become overly onerous regulatorily, [crypto] will just pop up in other jurisdictions,\u201d Yusko said. \u201cSo, ultimately, [crypto] will win.\u201d<\/p>\n<p>Tags in this story<\/p>\n<p>10D chess, Assets, Central Banks, Collapse FTX, Crypto, Cryptocurrencies, defi challenges, Democrats, elaborate system, fiat currency, FTX collapse, FTX fallout, Kitco Interview, Kitco\u2019s lead anchor., Laundering, Mark Yusko, Michelle Makori, Money Laundering, Morgan Creek CEO, Morgan Creek co-founder, over-regulated, over-regulates, political candidates, politicians, Regulation, risk, Sam Bankman-Fried, sbf<\/p>\n<p><em><strong>What do you think about Mark Yusko\u2019s opinion regarding FTX execs being pawns? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/morgan-creek-ceo-says-ftx-co-founder-sbf-was-a-pawn-used-to-punish-the-crypto-industry\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following FTX\u2019s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it\u2019s quite possible that the FTX [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-9009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9009"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9009\/revisions"}],"predecessor-version":[{"id":9011,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9009\/revisions\/9011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9010"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}