Crypto investor Evan Luthra on FTX collapse: 'Clear-cut case of fraud'
Crypto investor Evan Luthra joined 'Fox & Friends First' to discuss how he was scammed by FTX after losing an estimated $2 million.
An outraged crypto investor is speaking out after losing millions following the FTX collapse, urging Democrats to "step up" and return crypto losses to an estimated one million customers.
Evan Luthra joined "Fox & Friends First" Wednesday to discuss why he believes it's the Democrats' responsibility to return capital to the platform's investors and why he believes former CEO, Samuel Bankman-Fried (SBF), should be behind bars.
"I believe the responsibility is on them right now… on the Democrats to get this money back to us as the users," Luthra told co-host Todd Piro. "This was never Sam Bankman-Fried's money… This was not a donation that was made in the right way."
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"I really hope that these guys take their responsibility and step up and do their job."
Since the FTX bankruptcy, critics have called on Democrats to return the millions of dollars SBF donated to support their campaigns during the 2022 midterm election cycle.
General views of the ultra-exclusive Bahamas resort, The Albany, Thursday, November 17, 2022, where fallen 'Crypto King' Sam Bankman-Fried is holed-up while US authorities reportedly seen an extradition warrant. (The Mega Agency for Fox News Digital)
He reportedly donated an estimated $38 million. He was the party's second-largest donor behind billionaire financier George Soros.
"It's a clear-cut case of fraud. The guy doesn't even have an accountant," Luthra said. "He was considered to be a billionaire. How do you not have an accountant for a company of this size? How do you not have a CFO?"
"So to me, it seems like this was a fraud from the beginning," he continued. "He should already be in jail. He should already be behind bars, and he should be made to surrender all these assets that he is hidden and distributed to his friends and close associates."
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According to a Wall Street Journal report, SBF pocketed $300 million last October, about one year before filing Chapter 11 bankruptcy.
FTX was the third-largest cryptocurrency market globally last week before unveiling liquidity issues.
Luthra, who lost an estimated $2 million in the FTX collapse, also slammed the media for its portrayal of SBF.
He suggested the media's role in depicting him as a "savior" ultimately allowed customers to trust him, which led them to endure massive investment losses in the collapse.
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"I think we all got really defrauded by him like he really put it out there even today," Luthra said. "I'm actually quite surprised how some of the media is pushing him as like really the savior. I just saw this article in The Washington Post earlier saying Bankman-Fried's collapse is going to make a hindrance on how he was helping the pandemic. He was not helping the pandemic. He was just lying nonstop."
"He claims to be an altruist, right? Where is all the donations? All the innovations went to politicians," he continued. "I've never seen him donate any money to a charity… That was just media hype. I believe that he really used the media to his advantage and he really got us to believe and trust him."
SBF is currently hiding out in his $40 million penthouse at a Bahamas resort, and could face potential extradition over the company's collapse.
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