SBF ‘Didn’t Like’ Decentralized Bitcoin

bitcoin (BTC) is too “decentralized and transparent” for former FTX CEO Sam Bankman-Fried, according to Cathy Wood.

in tweet On Dec. 10, Wood, who is the CEO of investment giant ARK Invest, gave a damning reassessment of the FTX saga.

Wood: SBF ‘can’t control’ Bitcoin

With the ongoing legal fallout from FTX and Bankman-Fried, also known as SBF, bitcoin loyalists have little sympathy for it.

ARK’s Wood is now firmly among them, no qualms as BTC price action continues to trade 20% lower for the month.

“The Bitcoin blockchain has not budged one iota during the crisis caused by dubious central actors,” he wrote.

“No wonder Sam Bankman Fried didn’t like bitcoin – it’s transparent and decentralized. He couldn’t control it.”

Wood was linked to ARK Invest’s latest Bitcoin market report, “The Bitcoin Monthly,” in which analysts like David Puell are bullish on BTC despite the recent setbacks.

“ARK’s belief in decentralized and transparent public blockchains is stronger than ever,” he stated.

“FTX and other cases such as Celsius and Alameda indicate that decentralization and transparency are paramount as an antidote to the serious mismanagement that can be associated with centralized brokers, especially scammers.”

How mentioned However, Cointelegraph’s company, ARK, has doubled its exposure to other cryptocurrency firms I feel hot FTX, notably Grayscale, part of the Digital Currency Group (DCG) conglomerate, in the form of growing holdings of Grayscale Bitcoin Trust (GBTC).

The last purchase of approximately 177,000 shares of GBTC stock took place on November 21, according to data From the Wood, Cathie’s Ark website.

Bankman-Fried has a few allies in Bitcoin

Meanwhile, the FTX saga continues, with Bankman-Fried taking center stage as revelations continue to spread.

Among the most recent is the news that FTX is supporting cryptocurrency news outlet The Block through hidden payments to its now former CEO, Mike McCaffrey.

Other reports indicate that Bankman-Fried deliberately attempted to destabilize the Bitcoin blockchain to help limit the fallout from FTX.

“Sam used stolen and fake money to corrupt the system and undermine Bitcoin.” chirp Over the weekend, Michael Saylor, CEO of MicroStrategy, was in a similar situation to Wood.

“This is just the tip of the iceberg. How many journalists, academics, money managers, politicians, philanthropists, influencers and other lobbyists have you spoiled or listened to?”

BTC/USD traded above $17,000 in the weekly close, data from Cointelegraph Markets Pro and TradingView showed, with macro volatility forecast for the week ahead.

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