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The previous CEO of FTX, Sam Bankman-Fried (SBF), has revealed a Substack publication on Jan. 12, 2023, and the primary publish is titled “FTX Pre-Mortem Overview.” Within the publish, SBF maintains that an “excessive, fast, focused crash precipitated by the CEO of Binance made Alameda bancrupt.” The weblog publish doesn’t point out the allegations made by his former co-workers, ex-Alameda CEO Caroline Ellison and FTX co-founder Gary Wang. The disgraced former FTX government additionally carried out a one-on-one interview at his house in Palo Alto with Puck Information reporter Theodore Schleifer.
Former FTX CEO Fights Fraud Costs, Maintains Innocence in New Substack Publish
The co-founder of FTX, Sam Bankman-Fried (SBF), has been extra vocal in current occasions since his arrest and preliminary court appearances earlier than a Southern District of New York decide. On January 12, 2023, SBF started a Substack publication known as “SBF’s Substack” and revealed his first post in regards to the fall of FTX and Alameda Analysis, the quantitative buying and selling agency that he based in 2019. Within the first weblog publish, SBF insists that he didn’t steal any buyer funds.
— SBF (@SBF_FTX) January 12, 2023
“I didn’t steal funds, and I actually didn’t stash billions away,” the previous CEO of FTX wrote. SBF additionally emphasised that he didn’t “run Alameda for the previous few years.” He acknowledged that three components contributed to the autumn of FTX and Alameda, together with Alameda’s stability sheet swelling and Alameda’s failure to “sufficiently hedge its market publicity.” Moreover, SBF believes that the ultimate nail within the coffin for FTX was pushed by Binance CEO Changpeng ‘CZ’ Zhao. Within the Substack weblog publish, SBF stated:
In November 2022, an excessive, fast, focused crash precipitated by the CEO of Binance made Alameda bancrupt.
A lot of SBF’s Substack weblog publish is just like earlier interviews he gave earlier than his arrest. There may be little new info within the weblog publish compared to what the FTX co-founder stated throughout his media tour in mid-November 2022. Whereas SBF insists that he “didn’t steal funds,” the previous FTX government doesn’t handle the allegations made by his former co-workers, ex-Alameda CEO Caroline Ellison and FTX co-founder Gary Wang, who’ve reported monetary misconduct and the commingling of FTX buyer funds with Alameda Analysis beginning in 2019.
SBF Reaches Out to New CEO to Lend a Hand However Stays Remoted and Lonely
SBF additionally talked about that after transferring FTX US to John J. Ray III, the trade was nonetheless solvent. “It’s ridiculous that FTX US customers haven’t been made entire and gotten their funds again but,” SBF commented in his weblog publish. The previous FTX CEO, who has been disgraced, additionally mentioned his dealings with the brand new FTX CEO Ray with Puck Information reporter Theodore Schleifer. The Puck reporter met SBF at his mother and father’ house in Palo Alto, California, the place SBF greeted him sporting his government-issued ankle bracelet. SBF’s German shepherd “Sandor” was additionally current on the home.
I wrote the opposite day that Sam Bankman-Fried believes deeply that the standard disaster comms textbook is lifeless.
The choice to launch this says all of it higher than I might. https://t.co/gAVcmy08sK
— Teddy Schleifer (@teddyschleifer) January 12, 2023
Schleifer reported that SBF reached out to the brand new FTX CEO John Ray “six or seven occasions” to supply his assist. The Puck reporter famous that Ray has “stored his distance” from the previous FTX CEO. The interview highlights that SBF is lonely and remoted and he’s “relieved to have regained entry to the Web,” Schleifer reported. The Puck reporter had identified SBF earlier than the trade’s demise as they chatted within the fall of 2020. Schleifer wrote “we have been each within the efficient altruism motion” and they’d “textual content each few months about politics or philanthropy.” The interview was two-and-a-half hours lengthy and SBF mentioned his hardship of being a vegan when he was in jail in The Bahamas and consuming a number of peanut butter.
Whereas awaiting his October 3, 2023 trial within the Southern District of New York and going through eight counts of monetary fraud and conspiracy prices, SBF continues to play “plenty of video video games.” In line with Schleifer, SBF’s sport of alternative lately is “Storybrook Brawl,” however the disgraced FTX co-founder doesn’t use his gaming deal with or converse with different gamers. Regardless of playing video games, “it doesn’t actually absolutely distract from what’s occurring,” SBF informed Schleifer.
Though Schleifer notes “that there aren’t many actual folks for [SBF] to speak to anymore,” the interview doesn’t handle the accusations made by Ellison and Wang. The Puck interview briefly mentions that each co-workers have “flipped on [SBF]” and that FTX’s director of engineering, “[Nishad Singh], is predicted to do the identical.”
What do you concentrate on SBF’s efforts to clear his title? Share your ideas within the feedback under.
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