FTX founder Sam Bankman-Fried (SBF) reappeared on Substack on Thursday and repeated that he didn’t “steal funds” in what appeared to be an overview of his authorized case. SBF, at present unemployed and beneath home arrest, has accomplished what appeared like the subsequent pure step: he created a Substack publication and charged folks $80 a 12 months to subscribe.
Within the first post of the aptly-called “SBF’s Substack,” the disgraced former FTX CEO blamed the failure of the cryptocurrency trade’s subsidiary firm Alameda Analysis on Changpeng Zhao ‘CZ,’ the CEO of Binance.
An excessive, fast, focused crash precipitated by the CEO of Binance made Alameda bancrupt,” SBF added that FTX was affected by the Alameda virus. “and different locations.
The 2 chiefs of the crypto business have overtly sparred over CZ’s half within the FTX concern, which at one time concerned a rescue proposal that was in the end scrapped.
In accordance with SBF’s report on Substack, CZ had carried out an “extraordinarily profitable months-long PR marketing campaign towards FTX” earlier than the essential week or so in November that resulted within the trade’s chapter.
“I didn’t steal funds, and I definitely didn’t stash billions away,” SBF wrote.
In December, federal authorities detained SBF, however he was launched on a record-breaking $250 million bond. Nonetheless, he has been beneath the custody of his mother and father at their Palo Alto residence in California.
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The FTX founder is prohibited by the phrases of his bail from establishing any new strains of credit score, forming a enterprise, or partaking in any monetary transactions higher than $1,000 with out acquiring the required authorities or court docket permission. Due to this fact, it seems that he will be unable to monetize his Substack anytime quickly.
No Funds Have been Stolen, SBF Stated in Substack
In his first put up, SBF additionally coated different particulars about FTX’s chapter. He claimed there had been no criminality, contrasting the liquidity concern that introduced down FTX’s sibling firm Alameda Analysis with different distinguished crypto crashes final 12 months.
“Alameda misplaced cash on account of a market crash it was not adequately hedged for–as Three Arrows and others have this 12 months. And FTX was impacted, as Voyager and others had been earlier.”
Though SBF acknowledged within the put up that he had not been answerable for Alameda for some time, Caroline Ellison, the corporate’s former CEO, was not explicitly talked about. In an obvious settlement to help regulation enforcement of their probe into FTX—and SBF—Ellison entered a responsible plea to fraud prices in December with the co-founder of FTX, Gary Wang.
Regardless of the allegations of fraud he’s combating, it appears like SBF plans to maintain running a blog
I’ve much more to say–about why Alameda did not hedge, what occurred with FTX US, what led to the Chapter 11 course of, S&C, and extra. However at the least this can be a begin.
Amid the continued scandal from latest months, the worth of the FTT token seems shaky. The token’s worth has dropped by roughly 95% because the trade filed for chapter, from a excessive of $28 to its present worth of $1.38 on the time of writing, with no likelihood of ever rebounding.
Cowl picture from the New York Submit. FTTUSDT chart from Tradingview.
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