Go to Twitter Spaces. Sam Bankman-Fried has a new platform to voice his opinion on the collapse of his cryptocurrency empire.
Sam Bankman-Fried (also known as SBF), founder and former CEO of bankrupt crypto exchange FTX, published a newsletter via Substack on Thursday. His FTX Pre-Mortem Overview, the first and only post so far, outlines his SBF’s version of the events that led to his company’s demise.
This post marks the first time Bankman-Fried has spoken out. arrest In the Bahamas on December 12th. SBF faces multiple. criminal responsibilityranging from wire fraud to money laundering.
For those of you who have listened to multiple audio interviews Sam Bankman-Fried gave to crypto influencers on Twitter Spaces before his arrest, the details in this post will sound very familiar. SBF continues to claim that he had no knowledge of what was happening at his crypto hedge fund, Alameda Research, about the improper transfer and use of customer funds from FTX to Alameda.
The head of Alameda Research at the time was SBF’s ex-girlfriend Caroline Ellison. accepted He made a plea bargain and agreed to cooperate with prosecutors in the case against Bankman-Fried.
SBF claims that Alameda Research was a victim of the market downturn, and that eventually “the Alameda contagion spread to FTX.” SBF cites other recently unsuccessful crypto companies such as Celsius and Voyager to show that this is an industry-wide problem and not unique to FTX.
Bankman-Fried also continued to criticize FTX legal counsel Sullivan & Cromwell. SBF claimed that it was able to save FTX from failure and continue to build liquidity to keep its customers thriving. However, according to the former FTX CEO, Sullivan & Cromwell pressured him to file for Chapter 11 bankruptcy instead.
FTX was once one of the largest cryptocurrency exchanges in the world. Just before the collapse, FTX was worth his $32 billion. In November, reports from Coindesk and his independent cryptocurrency research firm Mike Burgersburg revealed that FTX hedge fund Alameda Research appeared to be insolvent. As a result of this news, rival crypto exchange Binance has sold his holdings of FTT, FTX’s own crypto token. FTX customers followed suit, with billions of dollars withdrawn from the exchange.
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According to Stock’s website Unusual Whales, SBF was initially launch His Substack is a paid subscription, asking readers to pay $8/month, $80/year, or $150 for a “founding” annual subscription. The payment plan has since been completely removed from his SBF substack.
Bankman-Fried is currently on $250 million bail and is awaiting trial at his parents’ home under the terms of his bail.
