Arthur Hayes, the guy driving BitMex, has spoken about how he sees Sam Bankman-Fried’s fall from glory. Hayes said in an online chat with “The Chopping Block” crew that many SBF victims were drawn to him because of what they believed to be true about him based on what they saw on the surface.

Hayes believes that if one were to take a quick peek at SBF’s résumé, one would get the impression that he can deliver results in the field. He observed that the establishment supported SBF, even though he could not operate a genuine company.

Arthur Hayes accuses SBF of deceptive trading narrative

Hayes said that SBF skillfully crafted a narrative in which he was portrayed as a successful trader, one that the general public bought into without doing their investigation. The public’s belief in him was aided by the fact that he attended MIT, worked at Jane Street, and was raised by a pair of intellectuals.

According to Hayes, people often fail to research appropriately and instead take the headline of something as gospel. He noted that many believed the narrative that the trader in question went to the right school, worked at a successful Chicago prop shop, was from California, and had parents who were professors. Hayes stated that this led people to assume that the trader must know what he was doing.

Hayes claims that SBF used that story to target those who would be more receptive to their message. He thinks SBF used this to his advantage by appealing to the establishment, who know that cryptocurrencies will be there for a while but are searching for one of their own to ride with and eventually take control of the market.

SBF: Crypto industry’s mainstream linkage, Arthur Hayes

Hayes said that, on the blockchain technology side of things, SBF gained a lot of buy-ins since some people regarded him as a route to connect with the establishment. They saw it as a chance to get into the industry more generally. As a result, SBF achieved a certain amount of acceptability within the crypto business while his experience was still ongoing.

With the failure of SBF’s cryptocurrency exchange, FTX, in late 2022, which resulted in losing consumers’ assets totaling billions of dollars, SBF gained a reputation as a villain. He is being held under house arrest at his parent’s residence as the industry waits for an inquiry and a judgment that the court will eventually issue.

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