After former FTX CEO Sam Bankman-Fried (SBF) filed for bankruptcy, investors have lost millions to what former UBS Americas CEO Robert Wolf calls a “ponzi scheme.” One investor shared his reaction to losing $2 million in the disaster.
“This is a big lesson for everybody in the crypto community,” investor Evan Luthra said on “Cavuto Live.” “It’s a big, strong lesson that, not your keys, not your crypto. If you don’t hold the keys to crypto, it’s not really your money.”
Luthra also responded to new details in the Wall Street Journal that SBF pocketed nearly $300 million from funds raised last October, slamming the former CEO for using the exchange as “his personal bank account.”
“This was all intentionally done,” Luthra added. “This was a very calculated plan, or I should say a crime that has taken place.”
FTX COLLAPSE: STORM LOOMS OVER SAM BANKMAN-FRIED’S CRYPTO BAHAMAS CONFERENCE AS A-LIST PALS GO DARK
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein…
