“He will spend time in jail,” said Novogratz, commenting on Sam Bankman-Fried’s (SBF) recent New York Times (NYT) Dealbook Summit interview.

Mike Novogratz, the billionaire CEO of Galaxy Digital (TSE: GLXY), was unequivocally critical about Sam Bankman-Fried’s virtual New York Times (NYT) Dealbook Summit interview.

“I’m hoping that the authorities get to the bottom of this faster,” Novogratz said to Andrew Ross Sorkin on CNBC’s Squawk Box on Thursday, referring to the FTX imbroglio. “Not just for the sanctity of the crypto markets, but for all markets. Markets are based on trust and when you have trust broken like this, it questions everyone else.” (Bitcoin.com)

“Let’s be really clear. Sam was delusional about what happened and his culpability in it,” Novogratz said. “He needs to be prosecuted. He will spend time in jail. They perpetuated a large fraud. And it wasn’t just Sam. You don’t pull this off with one person,” Novogratz added.

Novogratz continued:

“People start looking for black swans everywhere. So in some ways this is the story of the moment because it’s such a giant story. But your seeing someone who is just spewing more lies. Listen, Sam has always been kind to me and he has a kind demeanor … but that was part of the schtick.”

Galaxy has an exposure of $76.8 million to FTX.

“Right now we’re in a deficit of trust. People think there’s a black swan around every corner, that everyone else is a sociopath, saying one thing and doing something else,” the Galaxy Digital CEO said.

Related Story: More Crypto Players Follow FTX Down The Bankruptcy Route

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