Bitcoin (BTC) is too “decentralized and transparent” for former FTX CEO Sam Bankman-Fried, says Cathie Wood.
In a Tweeter On December 10, Wood, CEO of investment giant ARK Invest, delivered a damning new assessment of the FTX saga.
Wood: SBF ‘couldn’t control’ Bitcoin
As the legal offshoots of FTX and Bankman-Fried, also known as SBF, continue, Bitcoin devotees give it little sympathy.
ARK’s Wood is now firmly among them, not mincing words as BTC price action continues to trade around 20% lower in the month.
“Bitcoin blockchain has not budged during the crisis caused by opaque centralized players,” she wrote.
“No wonder Sam Bankman Fried doesn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.
Wood linked to ARK Invest’s latest bitcoin market digest, “The Bitcoin Monthly,” in which analysts including David Puell sounded bullish on BTC despite recent setbacks.
“ARK’s belief in decentralized and transparent public blockchains is stronger than ever,” he said.
“The FTX and other cases like Celsius and Alameda suggest that decentralization and transparency are paramount as antidotes to the gross mismanagement that can be associated with centralized intermediaries, especially those that are fraudulent.”
As Cointelegraph reported, ARK nevertheless doubled its exposure to other crypto companies feeling the heat from FTX, including Grayscale, part of the Digital Currency Group (DCG) conglomerate, in the form of increased holdings. from the Grayscale Bitcoin Trust (GBTC).
The last purchase of nearly 177,000 GBTC shares was on Nov. 21, according to data from Wood’s dedicated website, Cathie’s Ark.
Bankman-Fried has few allies at Bitcoi
Meanwhile, the FTX saga continues, with Bankman-Fried taking center stage as the revelations continue to pour in.
Related: Bitcoin Price Liquidation Risk Rises as BTC Struggles to Recover $18,000
Among the most recent was news that FTX had subsidized crypto news outlet, The Block, via secret payments to its 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 counterfeit money to corrupt the establishment and undermine bitcoin,” said Michael Saylor, CEO of MicroStrategy. tweeted over the weekend in a position as tough as Wood.
“That’s just the tip of the iceberg. How many other journalists, academics, fund managers, politicians, charities, influencers and lobbyists has he bribed or co-opted?”
BTC/USD traded above $17,000 through the weekly close, according to data from Cointelegraph Markets Pro and TradingView, with macro volatility expected in the week ahead.
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