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A lot has happened this year and the collapse of the FTX, a cryptocurrency exchange, threw another block of ice to the already frigid crypto bucket. Company has already witnessed John Ray III stepping up as the company CEO to replace now indicted Sam Bankman-Fried. Bahamian authorities recently arrested SBF on the request of the US government. Now Martin Skhreli aka “Pharma Bro” is giving advice to the former FTX CEO to prepare for a potential prison time.
Look Who’s Talking…
In a podcast, now disgraced former hedge fund manager, Martin Skhreli, advised SBF that he should “shave his head, deepen his voice and listen to rap songs”. He addressed Bankman-Fried as “effeminate” which pharma bro thinks a quality that can become a matter of concern for the former Alameda Research CEO.
Furthermore, he thinks the people in that environment would hear him lie instead of the truth. Adding another piece of advice, he says SBF should “reinvent” his background history. Martin Skhreli was taken into the prison on counts of conspiracy to commit frauds in 2017. Recently, he claimed to know the identity of Satoshi Nakamoto.
He said in his Substack post that Paul Le Roux, a cartel boss and programmer, is the mysterious figure behind Bitcoin’s invention. He decrypted a code that led him to make this claim but was unable to explain how he did that. However, users started to raise questions in the comment section where he replied that he does not care about who Satoshi is.
According to The Guardian, he was released in May 2022 and paid $64 Million in penalties. In 2015, he acquired a license for Daraprim, an antiparasitic drug, and increased its value by more than 5,000%. In 2007, Lehman Brothers won a $2.3 Million default judgment against his firm Elea Capital Management, but failed to collect the ruling as it collapsed during The Great Depression.
Companies and investors in the crypto industry have suffered a lot amid this crypto winter. From TerraUST’s downfall to the FTX insolvency, many major assets have lost a considerable value since the market boomed in 2021. Where LUNA collapse hit companies like Three Arrows Capital, Voyager and Celsuis, the fall of FTX negatively impacted firms like BlockFi, Galaxy Digital and more.
FTX collapse was a robust presentation of social media influence. It took only 48 hours and a few Twitter posts to reduce a $36 Billion empire to ashes. Currently, Bitcoin and Ethereum have a market dominance of 58.4% collectively with BTC trading at $16,683.59 while ETH at $1,197.40 at the publication time. Experts believe that crypto winter might stay for long following the current economic trajectory and insolvency events.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
