April 24, 2024


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SBF and FTX are Frauds and Thieves, Says Kraken’s New CEO

SBF and FTX are Frauds and Thieves, Says Kraken’s New CEO

During a recent interview, leading exchange Kraken’s incoming CEO David Ripley shared his thoughts about last week’s FTX saga. Ripley did not hold back in his criticism of the exchange, as he blasted the team alongside Sam Bankman-Fried calling them thieves. This comes after outgoing CEO, Powell, had branded SBF “sociopathic”. Ripley said on Friday:

I think, what it boils down to from all the information we have [and] this bankruptcy report that has now been released is that FTX and SBF are complete frauds—not just frauds, but thieves.” 

Ripley Follows in Powell’s Footsteps, Bashes FTX

David Ripley  is not the first to publicly slam the FTX team following the company’s collapse. As new information emerges adding to the debacle, the general opinion of ex-CEO Sam Bankman-Fried has continued to slip. Several high-profile members of the crypto community such as Changpeng Zhao and Vitalik Buterin have come forward albeit with less direct statements than Ripley’s.

Kraken’s present CEO, Jesse Powell who is set to exit his position not long from now, also chipped in regarding SBF and FTX. Powell criticized the founder of the failed exchange in a lengthy Twitter thread. His post listed red flags in Bankman-Fried’s behavior since his entry into the crypto space.

According to Powell, SBF’s sociopathic moves put the progress the industry has made over the years at risk. He described Bankman-Fried as a know-it-all despite his “showing up to the battle 8 years late.”

In his tweets, Powell clarified that Kraken did not have any exposure to FTX’s colossal collapse. Ripley who is the platform’s current COO seconded the statement during his interview. The exchange has zero exposure to the failed platform, related entities, and the newly embattled Digital Currency Group.

Kraken Has No Plans for an FTX Buyout

Ripley also addressed speculations of a possible acquisition after reports surfaced that FTX had approached Kraken seeking bailout funds post-collapse. However, going by Ripley’s statements Kraken has never truly considered going down that route. 

We’re constantly getting more inbound acquisition inquiries than I myself can keep track of, but there was never any legitimate discussion on acquiring FTX at any point. It wouldn’t make sense for Kraken on a number of fronts.”

Kraken is another major platform that has shut down the idea of an FTX buyout. Binance stepped out of an acquisition deal early into the platform’s spiral as its liquidity issues were beyond their help, founder CZ noted. 

In his interview, Ripley went on to note that Kraken is now working with the police. An unidentified person moved money from FTX to Kraken via a slew of “unauthorized transactions” after the beleaguered exchange filed for bankruptcy. Ripley claims Kraken has uncovered the person behind the transfers, however, he opted not to share. 

Ripley will transition to the CEO role after the company finds a COO replacement.

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