Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.”
Morgan Creek’s Mark Yusko: ‘This Debacle Is a Fraud Perpetrated by, I Believe, Someone Above the Useful Idiots’
Since the Terra LUNA fallout and the great number of business failures that followed the event, there’s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of CNBC’s Mad Money show, Jim Cramer, Galaxy Digital’s CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla’s CEO and Twitter chief, Elon Musk.
On Friday, Mark Yusko, the CEO and founder of Morgan Creek Capital Management, told Kitco’s lead anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried (SBF) was a “pawn.” “They are just pawns in a very large, very elaborate system that was designed to do money laundering,” Yusko told Kitco’s lead anchor. “It is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry,” he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.
Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning that it is not controlled by any single entity. Bitcoin (BTC) and defi challenges concepts like fiat currency and central planning, Yusko informed the Kitco broadcast host. Yusko and many crypto proponents believe defi offers a number of benefits, including greater accessibility, transparency, and security. “[Blockchain] replaces trust with truth,” Yusko explained to Makori.
“Who are the arbiters of trust today? Financial institutions, third-party middle people, a $7 trillion industry,” Yusko elaborated. “They would like to not be disrupted by defi and…
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