As one of the largest crises in the cryptocurrency sector, caused by the collapse of the crypto trading platform FTX, continues to affect most of its assets, it has captured the attention of the media and podcasters, including Joe Rogan, who gave his own two cents on the matter.
Specifically, Joe Rogan, the host of the Joe Rogan Experience and the Ultimate Fighter Championship (UFC) commentator, discussed the recent crisis in the crypto market with comedian and fellow podcaster Yannis Pappas in a video published on his YouTube channel on November 16.
The two commented on a large number of celebrities and organizations previously endorsing FTX and its CEO Sam Bankman-Fried, only to pull back after the scandal became public, which Pappas thought was massively negligent.
Endorsements without due diligence
Replying to Rogan’s view that it was difficult to know, Pappas expressed astonishment at the fact that all these supporters weren’t aware of what was truly happening at the crypto exchange, using some very scathing words to criticize their negligence:
“Well, I knew, I always questioned it, and I knew, so how come they didn’t know? Maybe if they turned off their greedy [expletive] hat for one second and asked some [expletive] questions about what’s actually going on, they would have known.”
Rogan acknowledged that this situation was indeed odd, stressing that:
“It’s definitely slippery. There’s something very weird about it.”
SBF as ‘the Bernie Madoff of crypto’
Rogan also drew attention to SBF being portrayed as a major philanthropist, donating money to various causes, including the Democratic party, in exchange for endorsements, comparing him to Bernie Madoff, a Wall Street financier who ran the largest Ponzi scheme in history.
“[You’re] doing all this philanthropy work, probably thinking you’re a [expletive] gem of a person until it all comes crashing down. (…) That’s like the Bernie Madoff thing. If it wasn’t for the 2008 crash, would Bernie Madoff have been able to keep that hustle going?
Interestingly, a similar comparison was made by Robert Kiyosaki, author of the personal finance book “Rich Dad, Poor Dad,” who called the FTX founder the ‘Bernie Madoff of crypto’ rather than ‘the Warren Buffett of cryptocurrency,’ which is how Kevin O’Leary and Jim Kramer had referred to him.
It is also worth noting that, earlier this year, Finbold reported on Rogan coming out as a strong supporter of Bitcoin (BTC), which he said was “a viable form of currency,” and viewed it in the same way as “the early internet.”
Meanwhile, U.S. crypto investors have filed a class action suit against SBF and multiple celebrities who promoted FTX, including NFL quarterback Tom Brady, his supermodel ex-wife Gisele Bündchen, NBA legend Shaquille O’Neal, comedian Larry David, and others, over using deception to sell yield-bearing digital currency accounts.