Ripple CEO Brad Garlinghouse compared Bankman-Fried’s actions to Bernie Madoff, who launched the largest pyramid scheme in history and defrauded thousands of investors, CNBC reported.

“In my opinion, FTX is now being portrayed as a cryptocurrency problem. I think it’s not really a cryptoaffair, it’s a scam. And I don’t think we should pretend it’s anything else,” Brad Garlinghouse said. He said that “when Bernie Madoff came along, we didn’t completely change the way we think about oversight and regulation of hedge funds.”

Bankman-Fried, the former CEO of FTX, was indicted by the U.S. federal prosecutor’s office on eight criminal counts, including securities and wire fraud. He was extradited from the Bahamas to the US and has yet to plead guilty. Two of his former business partners, FTX co-founder Gary Wang and former Alameda Research CEO Caroline Allison, pleaded guilty to federal fraud charges and agreed to cooperate with the U.S. Attorney’s Office.