Following the demise of the FTX crypto exchange, the platform’s founder, Sam Bankman-Fried (SBF), has gone on a media tour to explain what went wrong.
Bankman-Fried, on the other hand, has been warned about the approach.
According to Bloomberg, Ira Sorkin, the lawyer who represented Bernie Madoff, the perpetrator of the largest individual Ponzi scheme, has urged Sam Bankman-Fried to “shut up” as the investigation into the collapse continues.
The Bankman-Fried media tour, according to the attorney, will have little impact on changing public opinion about his alleged role in the FTX debacle.
“That’s the first order of business: don’t talk. You’re not going to sway the public. The only people that are going to listen to what you have to say are regulators and prosecutors.”
Simultaneously, Sorkin stated that Bankman-Fried may be defying the advice of his lawyers. Sorkin claims that:
“Sometimes clients believe they are smarter than their lawyers. This guy is 30 years old, and he is not smarter than his lawyers. They should be telling him every five minutes to shut up, but sometimes clients don’t listen.”
In his first-ever audio interview, Bankman-Fried admitted that his legal team advised him against making public Twitter posts explaining what happened before the collapse.
Indeed, throughout the media tours, Bankman-Fried has maintained his innocence, denying any wrongdoing and claiming that the collapse caught him off guard.