Mark Cuban on crypto amid FTX implosion: 'Separate the signal from the noise'
The billionaire said he continues to believe in cryptocurrency despite the FTX debacle
Entrepreneur and cryptocurrency investor Evan Singh Luthra argues the fallen FTX founder and CEO 'intentionally defrauded' investors.
Billionaire investor Mark Cuban continues to believe in cryptocurrency, he indicated in a recent interview, even amid the ongoing FTX scandal.
"Just separate the signal from the noise," Cuban said to TMZ Sports in a video published Saturday. "I mean, there’s just been a lot of people making a lot of mistakes, but it doesn’t change the underlying value of the applications."
Mark Cuban visits "Cavuto: Coast To Coast" hosted by Neil Cavuto on Sept. 30, 2019, in New York City. (Steven Ferdman/Getty Images / Getty Images)
"There’s still all kinds of applications, that’s all that matters," he added.
Cuban also weighed in on Sam Bankman-Fried after being asked by TMZ Sports about the founder and former CEO of the cryptocurrency exchange FTX that collapsed earlier in the month.
Sam Bankman-Fried in Hong Kong, China, on May 11, 2021. (Lam Yik/Bloomberg via Getty Images / Getty Images)
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"I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time," the billionaire investor told the outlet. "It sure sounds bad, I mean, you know, I’ve actually talked to the guy and I thought he was smart, but, boy, I had no idea that he was gonna take other people’s money and put it to his own personal use, that sure looks – seems like what happened."
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FTX said Nov. 11 that it, trading firm Alameda Research, West Realm Series and 130 affiliated companies had filed for bankruptcy. A few days prior to the bankruptcy filing announcement, FTX had said it reached a deal to be acquired by another cryptocurrency exchange, Binance, only for Binance to back out citing red flags raised during its due diligence process.
Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken Nov. 10, 2022. (Reuters/Dado Ruvic/Illustration)
The now-collapsed company is reportedly the subject of Department of Justice and Securities and Exchange Commission probes, as well as one in the Bahamas. The Wall Street Journal reported FTX allegedly moved billions in customer funds over to Alameda Research for use.
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The implosion of FTX, once one of the world’s largest cryptocurrency exchanges, has negatively affected other crypto firms. BlockFi, another crypto exchange, filed for bankruptcy protection along with eight affiliates on Monday.