- Billionaire investor Mark Cuban isn’t giving up on cryptocurrencies despite the collapse of FTX.
- He told TMZ on Saturday that crypto still has underlying value, urging people to "separate the signal from the noise."
- As for FTX founder Sam Bankman-Fried, Cuban said "I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time."
Mark Cuban isn’t giving up on cryptocurrencies despite the recent collapse of Sam Bankman-Fried’s FTX.
The billionaire owner of the Dallas Mavericks NBA team and "Shark Tank" investor told TMZ on Saturday that faith in fundamentals outweigh the short-term turbulence.
"Separate the signal from the noise," he said. "There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value."
Cuban previously commented in September that the current state of crypto is "boring" and is suffering from a lack of new applications.
Also over the summer, a group of disgruntled investors claimed in a new lawsuit that Cuban and the Dallas Mavericks allegedly duped them into putting money in Voyager Digital’s now-bankrupt crypto trading platform.
Cuban also touched on Bankman-Fried, and said that the former FTX chief executive should be worried about potential jail time.
"I don’t know all the details but if I were him, I’d be afraid of going to jail for a long time," he told TMZ, adding that he’s spoken to him in the past and thought he was smart.
The Securities and Exchange Commission, Commodity Futures Trading Commission and Justice Department are investigating FTX for potential misuse of customer funds. Bankman-Fried himself is also facing an SEC probe, according to reports.
FTX filed for bankruptcy November 11 amid reports that the crypto exchange transferred billions of dollars of client funds to Bankman-Fried’s Alameda Research.
Bankman-Fried previously has denied implementing a "backdoor" that allowed him to execute commands that could alter FTX’s financial records without alerting others, including auditors, according to Reuters.