Lawyer – FTX is a criminal problem, Crypto Has Nothing to Do with SBF

A law practitioner and crypto enthusiast Jake Chervinsky, on November 29, 2022, commented on the SBF and FTX saga, saying it was a criminal problem.

FTX wasn't a crypto problem, it was a criminal problem.

A tale as old as time: a con man tricks unsuspecting victims into giving him their money under the guise of his high morals and trustworthy character, and then runs off with the funds.

This has nothing to do with crypto.

— Jake Chervinsky (@jchervinsky) November 29, 2022

Jake made this comment in the last quarter hour of the day on his Twitter page. To further back his claim, he included that what SBF did was an old trick pulled by con men to defraud innocent victims.

He also linked it to the ancient confidence man, who, under the guise of a trustworthy character, requested that his victim give him their belongings and he would bring them back, which never happened.

Eventually, he was apprehended and tried by the government for fraud. Chervinsky believes that SBF had done more than enough to warrant a trial. First, when asked about customer funds, he boldly lied that he did not invest them and that they were safe.

However, it was discovered that FTX was out of liquidity, and customers’ funds vanished into thin air. Therefore, this has nothing to do with crypto, but it is a criminal offense that should be treated as such in court.

However, when a user commented on the post, he disagreed with Jake, believing it had everything to do with crypto; he even illustrated how lax the government is about crimes committed in the crypto world. 

When someone robs a bank, they make every effort to catch him and throw him in prison; however, if it was crypto theft, the criminal justice system would be left alone and would not convict him for his crimes as long as he had the system to cover him. 

Others commented, saying it had a little bit to do with crypto, not totally disagreeing with Chervinsky. However, others accused SBF of bribing politicians, perhaps supporting their campaigns with funds. 

There was even news that he donated $1 million to a Republican political party in America two weeks before declaring bankruptcy; therefore, they all believed he had bribed his way to freedom.

Nevertheless, the bankruptcy of FTX and all related platforms was devastating to the crypto world and has affected several platforms, like BlockFi, which filed for bankruptcy on November 28 due to liquidity issues related to the FTX crash.

We also have the Solana and Oxygen Protocols, both on the brink of bankruptcy due to the collapse. There are customer funds that have vanished from all affected platforms that have declared bankruptcy. 

However, there is currently no concrete proof to show whether SBF will be prosecuted or not or if he donated to those political parties as a bribe, but what is evident is that several members of the crypto community are unhappy about the development.