Saylor calls SBF the poster child of the crypto world while breaking down his antics, which ultimately brought the downfall of his empire. 4461 Total views 17 Total shares Listen to article 0:00 News Own this piece of crypto history Collect this article as NFT In a recent interview Michael Saylor, the MicroStrategy executive chairman and major Bitcoin (BTC) bull, shared his perspective on the fall of the FTX empire.

Saylor said that for years there has been a low-grade boiling Guerrilla war between the BTC community opposite the crypto community over industry practices such as, what he repeatedly calls, shitcoinery.”

In Saylors perspective, Sam Bankman-Fried was the poster child of the latter.There is something ethically broken about being able to issue your own unregistered security. Sam and most of the people in the crypto world were always guilty of the sin of shitcoinery.

He attributes such behavior to his perceptions of the crypto communitys inherent problems, which are greed, arrogance and foolishness.

From there, Saylor forayed into what he calls the diabolical twist in the FTX story, which entailed SBF generating billions off of air tokens and issuing himself billion-dollar loans off of user funds.

While many have debunked the story of SBF and his mismanagement of funds, the community on Reddit applauded Saylor for his clear explanation of the situation, along with a straightforward comparison of BTC.

One user wrote that although they dont care for Saylor otherwise, his explanation was one of the best in the entire space.”

Related: First time bear market? Advice from Bitcoin bull Michael Saylor

This was not Saylors first comment surrounding the FTX scandal. In the early days of the unraveling, he was one of the first, along with Binance CEO Changpeng Zhao, to urge the community to practice self-custody.

The entire crypto community awaits the Dec. 13 hearing, which will investigate the collapse of the exchange. According to the committee leading the hearing, they expect SBF and associated individuals to appear in court to testify on this date. #Bitcoin #Cryptocurrencies #Fraud #Bankruptcy #Cryptocurrency Exchange #DeFi #Sam Bankman-Fried #FTX Related News How do you assess the value of an NFT? Thanks to Ethereum, ‘altcoin’ is no longer a slur Tim Draper still positive on $250K Bitcoin price prediction in 2023 SBF, FTX execs reportedly spend millions on properties in the Bahamas Crypto has survived worse than the fall of FTX: Chainalysis