Sam Bankman-Fried published an extensive blog post . Thursday morning in which he attempted to explain . The collapse of FTX, the crypto platform he co-founded. and denied allegations that he stole any funds.
The blog post is also notable for allegations. including how FTX customer funds ended up at Alameda Research . The hedge fund he co-founded. and whether the funds were misused in the form of loans used to buy property. Make a political donation.
“I did not steal the funds, and I did not hide the billions,” Bankman-Fried wrote in the blog post.
He faces many charges, including defrauding FTX customers and money . laundering linked to the platform’s dramatic collapse last year. Which led to its bankruptcy filing in November.
Bankman-Fried has made a series of public . Statements and given a variety of interviews since . FTX’s troubles began, with Thursday’s blog post echoing many of those statements. He continues to claim that users of. The US crypto platform he oversees, FTX US, should be paid immediately, arguing . That the company was solvent and not connected to FTX. which serves customers outside the US.
Contrary to previous statements in which he admitted he . Made mistakes and took responsibility for the company’s downfall, Bankman-Fried used. Thursday’s blog post to blame Changpeng Zhao, CEO of rival crypto sign, Binance. Binance has pushed back on claims it intended to harm FTX.
Bankman-Fried also reiterated that he believed. FTX could have survived and still had a chance to be solvent. If he had been allowed to continue running the company. None of Bankman-Fried’s verified the various balance. Sheets published in the NBC News blog post. FTX’s new CEO John Ray, who oversaw Enron’s uncertainty after its fraud-induced collapse. Said shortly after taking over that he had little confidence in. The veracity of any of the company’s financial statements.
The company recently said. That it has succeeded in recovering about $5 billion in liquid assets.
Bankman-Fried wrote: “FTX International has many billions of dollars in . Assets and I devote almost all. My personal wealth to clients. Further, if it is rebooted, there is a real. Possibility of much completion of customers.”
The bulk of Bankman-Fried’s blog post goes over a series of events. That have been well-documented by now: the rise of FTX and Alameda. The massive fall in crypto markets, and a tweet from Binance CEO Zhao. Which would lead to a price drop for FTX. Resources and customers crowd to get their money and funds from the platform.
Binance has since faced its own challenges in . The crypto market, including customer withdrawals. According to Reuters, it faces a Justice Department investigation. Though no charges have been filed.
In the blog post, Bankman-Fried called Zhao’s move “a targeted attack” on Alameda. He compared his company’s decline to other crypto exchanges that have filed for. Bankruptcy in the past year. Alex Mashinsky, founder of Celsius Networks. Which filed for bankruptcy in July, was sued by . New York’s attorney general last week for defrauding consumers. Mashinsky denied the allegations.
