Davos crypto crowd distance themselves from FTX and Sam Bankman-Fried: “It's fraud"
Publishing timestamp: 2023-01-19 08:15:50
Summary
Crypto executives at Davos sought to distance themselves from the dramatic collapse of FTX and its co-founder Sam Bankman-Fried, who is now facing federal criminal charges in the US. They acknowledged the reputational impact on the industry, but said it will focus more attention on well-run businesses. The crypto industry has seen roughly $2 trillion erased from its overall market capitalization since it peaked at a combined value of $3 trillion in November 2021. Ripple CEO Brad Garlinghouse compared Bankman-Fried's actions to Bernie Madoff's Ponzi scheme, and said that it was unfair to single out crypto in assessments of investor losses.
Sentiment: MIXED
Tickers: TSLA, META, XRP.CM=, AMZN,
Keywords: meta platforms inc, amazon.com inc, united states, sam bankman-fried, ripple/usd coin metrics, cryptocurrency, ripple, tesla inc, technology, davos, fraud and false statements, bernard madoff, digital currency, business news,