As the legal fallout from the FTX collapse continues, bitcoin loyalists give Bankman-Fried a little sympathy.

Now firmly among them, ARK’s Wood hasn’t minced its words as BTC price action continues to trade up nearly 20% over the course of the month.

“The Bitcoin blockchain has not skipped a beat during the crisis caused by the shadowy central players,” she wrote.

“No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”
Wood was linked to the latest Bitcoin Market Summary from ARK Invest, which analysts including David Puell came across as bullish on BTC despite the recent setbacks.

“ARK’s conviction in a decentralized and transparent public blockchain is as strong as ever,” she stated.

“FTX and other cases such as Celsius and Alameda indicate that decentralization and transparency are paramount as an antidote to the serious mismanagement that can be associated with centralized brokers, especially scammers.”
As reported by Cointelegraph, ARK has doubled its exposure to other crypto companies feeling the heat from the FTX collapse. Most notably, he has increased his holdings of Grayscale’s Grayscale Bitcoin Trust (GBTC).

The last purchase of nearly 177,000 shares of GBTC occurred on November 21, according to data from Wood’s dedicated website, Cathie’s Ark.

ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark
Bankman-Fried has a few allies in Bitcoin
Meanwhile, the FTX saga continues, with Bankman-Fried taking center stage as revelations continue to spread.

Related: Risks of a Bitcoin Price Liquidation Increase as BTC Struggles to Reclaim $18K

Among the latest is the news that FTX backed crypto news outlet The Block via secret payments to its former CEO, Mike McCaffrey.

There are also allegations that Bankman-Fried deliberately attempted to destabilize the Bitcoin blockchain to help limit the fallout from FTX.

“Sam used stolen and fake money to corrupt the enterprise and undermine Bitcoin,” MicroStrategy CEO Michael Saylor tweeted over the weekend, taking a similar hard line on Wood.

“This is just the tip of the iceberg. How many journalists, academics, money managers, politicians, charities, influencers and lobbyists have he corrupted or co-opted?”
BTC/USD traded above $17,000 in the weekly close, data from Cointelegraph Markets Pro and TradingView showed, with significant volatility in the week ahead.

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