• Documents reveal FTX Co-founder Sam Bankman-Fried’s lavish lifestyle
• Mark Cuban warns of crypto implosion due to wash trades on exchanges
• Experts predict soaring gold prices in 2023
This week, the Bitcoin.com News Week in Review has been dominated by revelations about the lavish lifestyle of FTX co-founder and “altruist” Sam Bankman-Fried, as well as warnings from Shark Tank star Mark Cuban about a crypto implosion and predictions of soaring gold prices in 2023.
Delaware bankruptcy court documents revealed that Bankman-Fried and the FTX team spent tens of millions on living accommodations, hotels, food, and flights in 2022, with Bankman-Fried’s quantitative trading firm allegedly owing more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville. Bankman-Fried is also attempting to regain access to his Robinhood shares, worth over $460 million, claiming that he needs them to “pay for his criminal defense,” and that FTX customers “face only the possibility of economic loss.”
Meanwhile, Mark Cuban has warned that a crypto implosion could come from “the discovery and removal of wash trades” on exchanges. Cuban stated that he “can’t tell you how many times I’ve heard the phrase ‘just trust us’” in the crypto space, and that “past performance is no guarantee of future success.”
Finally, experts have predicted gold prices will soar in 2023. The precious metal has been steadily gaining in value in recent times, with some analysts predicting that gold prices will reach as high as $2,000 an ounce by the end of the year. This prediction is based on the expected inflation of the US dollar, as well as increased geopolitical uncertainty.
All in all, it has been an eventful week in the world of cryptocurrency and commodities, with news about Bankman-Fried’s lavish lifestyle, Cuban’s warnings about wash trades, and predictions of soaring gold prices for 2023 all coming to light.