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Galaxy Digital\u2019s CEO Mike Novogratz talked to Andrew Ross Sorkin on CNBC\u2019s Squawk Box and gave his reaction to Sam Bankman-Fried\u2019s (SBF) recent New York Times (NYT) Dealbook Summit interview. Novogratz said that SBF was \u201cdelusional\u201d and insisted that the former FTX CEO needs to be prosecuted and further said, \u201che will spend time in jail.\u201d<\/strong><\/p>\n The billionaire and CEO of Galaxy Digital, Mike Novogratz<\/a>, was very candid about what he thought about Sam Bankman-Fried\u2019s (SBF) most recent interview<\/a> held virtually at the NYT Dealbook Summit. Novogratz explained<\/a> that SBF needs to take responsibility for his actions and stressed that the comments he made during the interview were \u201cdelusional.\u201d<\/p>\n \u201cLet\u2019s be really clear. Sam was delusional about what happened and his culpability in it,\u201d Novogratz told the CNBC Squawk Box host Andrew Ross Sorkin on Thursday. \u201cHe needs to be prosecuted. He will spend time in jail. They perpetuated a large fraud. And it wasn\u2019t just Sam. You don\u2019t pull this off with one person,\u201d Novogratz added. The Galaxy CEO added:<\/p>\n I\u2019m not saying he even planned this all like a criminal mastermind. What they did was criminal and they need to be prosecuted for it.<\/p>\n<\/blockquote>\n Novogratz said that prosecuting specific people for the wrongdoings that happened at FTX would not only be good for the crypto industry, but for the entire financial industry as a whole. \u201cI\u2019m hoping that the authorities get to the bottom of this faster,\u201d Novogratz remarked. \u201cNot just for the sanctity of the crypto markets, but for all markets. Markets are based on trust and when you have trust broken like this, it questions everyone else.\u201d Novogratz continued:<\/p>\n People start looking for black swans everywhere. So in some ways this is the story of the moment because it\u2019s such a giant story. But your seeing someone who is just spewing more lies. Listen, Sam has always been kind to me and he has a kind demeanor \u2026 but that was part of the schtick.<\/p>\n<\/blockquote>\n Novogratz\u2019s Galaxy Digital was also one of the crypto companies exposed to the FTX fallout. On Nov. 9, 2022, Galaxy disclosed<\/a> publicly that the company\u2019s ties to FTX led to approximately $76.8 million in exposure. Novogratz also talked to Sorkin about the FTX situation last Wednesday<\/a> on Squawk Box, and he said that the FTX collapse created a \u201cdeficit of trust\u201d within the crypto industry.<\/p>\n \u201cI think coins should be segregated in your account, and they shouldn\u2019t be lent unless you give them permission to lend,\u201d Novogratz explained. \u201cThis is always about building trust with your clients. And right now we\u2019re in a deficit of trust. People think there\u2019s a black swan around every corner, that everyone else is a sociopath, saying one thing and doing something else,\u201d the Galaxy Digital CEO added.<\/p>\n Speaking with Sorkin again during his interview on Thursday, Novogratz said crypto companies need regulation. \u201cI think the money side of crypto, companies like ours that buy and sell and lend and do derivatives, are going to get regulated and should be,\u201d the investor said.<\/p>\nMike Novogratz: \u2018Sam Was Delusional\u2019<\/h2>\n
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