In an unusual shift, the X account of Sam Bankman-Fried has shared a thread aligning with the ethos of the Elon Musk-backed D.O.G.E, stirring controversial takes in the ecosystem.
Sam Bankman-Fried (SBF), the former CEO of the now-defunct cryptocurrency exchange FTX, has broken his silence since his incarceration. The disgraced founder of FTX in a post on X reflected on the employment, layoffs, and the ongoing Department of Government Efficiency, D.O.G.E efficiency principles.
Sam Bankman-Fried Weighs in on Government Inefficiency
In his reflections from jail, Bankman-Fried sympathized with government employees who were laid off due to Elon Musk’s D.O.G.E initiative. Elon Musk’s D.O.G.E. has resulted in unemployment for about 200,000 federal employees.
2) Firing people is one of the hardest things to do in the world. It sucks for everyone involved.
My experience:
a) it is usually not the employee’s fault that they got fired
b) it is usually correct to let them go anyway— SBF (@SBF_FTX) February 25, 2025
The exercise involved a massive sacking of probationary employees from different agencies. It reduced the workforce of the National Highway Traffic Safety Administration, National Park Service, and Department of Defense.
SBF noted that terminating employment is usually a tough call for the employer. He said it occurs because of a lack of managerial supervision or suitable employee roles.
He pointed to competitors who hired more people than necessary and had them do nothing. Some have suggested this might have been a reference to Binance or Coinbase.
The former FTX founder supports Musk’s and President Donald Trump’s stance on reducing inefficiency in government agencies.
Some industry observers have seen SBF’s comments as trying to worm his way to President Trump and Musk. They consider it a strategy to curry favor from the duo and possibly gain an executive pardon for his crimes in the crypto world.
FTX Creditors Still Reeling from Repayment Dispute
SBF is serving a 25-year sentence after being found guilty of defrauding customers and investors of the now-defunct exchange.
However, the former FTX founder maintains his innocence, claiming the exchange’s collapse resulted from liquidity challenges. His stance has sparked discussions of a potential presidential pardon, like the one granted by Ross Ulbricht by President Trump.
Interestingly, Ulbricht had been serving a life sentence in prison over his involvement in the Silk Road, a darknet marketplace for illegal goods. The Silk Road thrived between 2011 and 2013 before Ulbricht’s conviction in 2015.
However, Ulbricht got a presidential pardon due to his massive influence within the political and crypto community. Many consider Elon Musk one of the influential people who ensured Ulbricht’s pardon pulled through.
Community members in the crypto space argue that a push for pardon for Sam Bankman-Fried is premature. They insist that it might suggest insensitivity to the numerous customers still battling to recover their funds.
In an earlier update about the FTX repayment, I mentioned that many were disappointed by the decision to compensate creditors based on the value of their assets at the time of bankruptcy filing.
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