Michael Novogratz, CEO of Galaxy Investment Partners, recently weighed in on the latest remarks from Sam Bankman-Fried in his interview at the New York Times’ DealBook Summit, calling for the FTX founder’s prosecution and possible arrest, and asserting that bitcoin and the crypto industry will recover from the damaging effects of the FTX debacle.

Speaking on the comments, Novogratz asserted that SBF is unlikely to be the only culprit in the FTX situation, claiming that all the individuals involved “perpetuated a large fraud.” He then expressed his desire to see the appropriate authorities get to the bottom of what happened and arrest those involved. “He needs to be prosecuted. He will spend time in jail,” Novogratz said.