Fox’s Charles Payne Gives Hard Reality Check on FTX Collapse: ‘This Can Never Happen Again’
Fox’s Charles Payne had little to no good news to offer people caught up in the massive collapse of the FTX Group, which filed for bankruptcy and is now under major scrutiny after billions in customer funds went “missing.”
The news was a hammer to an already-hurting crypto market, and there are major questions about funds from creditors and investors as former CEO Samuel Bankman-Fried could reportedly be brought in for questioning about the stunning collapse.
Appearing on America’s Newsroom, Payne said he unfortunately agrees with those worried they will never see the money they put in back.
“I agree with those people losing hope. If they see it, it’s going to be pennies on the dollar,” Payne said, noting that many caught up in the crypto craze are not seasoned investors with the experience to “self-custodian” their investments.
Payne, who has a number of crypto investments himself, noted the entire crypto market is hurting and it feels as if he’s “been shot out of a slingshot” with the constant news that hits the market, especially in the wake of the FTX controversy.
“Ninety percent of folks who are doing this don’t necessarily have the sophistication per se to self-custodian and these kind of things they are being urged to do. They trusted the system. They thought someone was looking out for them and obviously no one was,” Payne bluntly said.
Payne believes there are still suspicious questions surrounding Bankman-Fried’s FTX leadership — noting at one point a report claiming the former CEO’s parents bought more than $120 million in real estate.
The Fox Business host declared “this can never happen” again when giving his ultimate advice to those suffering from the collapse. He urged people to pursue their money legally, but to also get Congress involved for reform.
“You cannot have hope that you’re going to get your money back on this,” Payne said. “You should pursue it legally … I would speak to senators, Congress people, because this can never happen again. And the system is designed for this to happen over and over again because the American public is the ultimate — we’re the ultimate dupes, we’re the ultimate dumping ground for this kind of crap and that’s why it happens.”
Watch above via Fox News
