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“Unethical and illegal from the start”




Michael Saylor, CEO of MicroStrategy and major Bitcoin (BTC) bull, shared his perspective on the fall of the FTX empire in a recent interview.

Saylor said that for years there has been a low-grade “simmering guerrilla war” between the BTC community and the larger crypto community over industry practices that he repeatedly called “shitcoinery.”

In Saylor’s perspective, FTX founder Sam Bankman-Fried was the “poster child” for the latter.

“There is something ethically broken about being able to issue your own unregistered securities. Sam and most of the people in the crypto world were always guilty of the sin of shitcoinery.”

Saylor attributes such behavior to his perception of the crypto community̵[ads1]7;s inherent problems: greed, arrogance, and foolishness.

Saylor said the “diabolical twist” in the FTX story was that SBH generated billions of dollars from tokens he printed out of thin air, in addition to issuing billions in loans from client funds.

While many have debunked the story of SBF and his mismanagement of funds, the Reddit community applauded Saylor for his clear explanation of the situation and a simple comparison to BTC.

One user wrote that while they otherwise don’t care for Saylor, his explanation was one of “the best in the whole room.”

Related: First time bear market? Advice from Bitcoin bull Michael Saylor

This was not Saylor’s first comment regarding the FTX scandal. In the early days of the unraveling, he was one of the first, along with Binance CEO Changpeng Zhao, to urge the community to practice self-storage.

The entire crypto community is waiting for the hearing on December 13, which will investigate the collapse of the exchange. According to the committee leading the hearing, they expect SBF and associated persons to appear in court to testify on this date.