The founder of FTX, Sam Bankman-Fried (SBF), has been warned about his media tour to explain what went wrong following the demise of the FTX crypto exchange.
Ira Sorkin, the lawyer who represented Bernie Madoff, the perpetrator of the largest individual ponzi scheme, has urged SBF to ‘shut up’ as the investigation into the collapse continues, Bloomberg reported on December 2.
According to the attorney, the Bankman-Fried media tour will have little impact on changing public opinion about his alleged role in the FTX debacle.
Ira Sorkin, the lawyer who represented Bernie Madoff said,
“That’s the first order of business: don’t talk. You’re not going to sway the public. The only people that are going to listen to what you have to say are regulators and prosecutors.”
Simultaneously, Sorkin stated that Bankman-Fried may be defying the advice of his lawyers.
Sorkin claims that clients sometimes believe they are smarter than their lawyers. In addition, the lawyer noted that “He’s 30 years old, and he’s not smarter than his lawyers. They should be telling him to shut up every five minutes, but clients don’t always listen.”
Bankman-Fried admitted in his first-ever audio interview that his legal team advised him against making public Twitter posts explaining what happened before the collapse.
Indeed, Bankman-Fried has maintained his innocence throughout the media tours, denying any wrongdoing and claiming that the collapse caught him off guard.