cryptonews: 'There's three constituencies that got taken for billions of dollars here,' - Michael Saylor. claims 👀
Calling Sam Bankman-Fried the "poster child" of crypto "shitcoinery," Bitcoin maximalist Michael Saylor argues that the parts of the digital asset world who should know better helped lead unsophisticated investors off a cliff.
Which gave Saylor, who as CEO turned business software firm MicroStrategy into a huge Bitcoin investor and proponent of Bitcoin as digital gold, the opportunity to go for an "I told you so" run. "Sam scraped billions from unsuspecting investors in Silicon Valley. They should have known better. He took billions from crypto hedge funds and crypto banks like BlockFi and Voyager — they should have known better. And then he took probably $10 billion or more from depositors on his exchange — they have the best argument. They were staring at terms and conditions that said he's not going to rehypothecate or use their assets.
The FTX house of cards explains why he bailed out BlockFi and tried to do the same for Voyager Digital earlier this year, Saylor said. By taking over the companies, he could avoid paying back loans, allowing him to "roll the entire fraud forward," he added. But a mainstream bank would only give a tiny fraction of the value of traditional stocks used as collateral, he said — only enough that dumping it on the market would not cause the price to collapse.
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