The crypto community has expressed its views on the “premortem vision” of former FTX CEO Sam ‘SBF’ Bankman-Fried about the platform crash which he posted on January 12 as a letter on Substack.
https://t.co/XVd0BPHxEU
—SBF (@SBF_FTX) January 12, 2023
As Cointelegraph previously reported, Bankman-Fried denied the allegations made against him in the lengthy letter, maintaining that FTX US had been “fully solvent” at the time the firm filed for Chapter 11 bankruptcy, with approximately $350 million in cash available.
Bankman-Fried further stated that FTX International had a substantial amount of assets (approximately $8 billion) when John Ray became CEO. According to Bankman-Fried, “no funds were stolen. Alameda lost money due to a market downturn for which it was not adequately covered, as Three Arrows and others have done this year.”
Unfortunately for him, the crypto community seemed unimpressed by the Bankman-Fried letter.
Wall Street Silver shared: “There’s no mention of the billions in ‘loans’ he took from clients’ money to finance his lavish lifestyle and political donations. I’m surprised his legal team didn’t stop this guy from talking.”
SBF released a Substack article with his version of events.
There is no mention of the the billions in “loans” he took out from customer money to fund his lavish lifestyle and political donations.
I am shocked his legal team has not stopped this guy from talking. pic.twitter.com/8hTFgRhXva
— Wall Street Silver (@WallStreetSilv) January 12, 2023
Fintech analyst Peruvian Bull shared: “Sam Bankman-Fried is sitting in his parents’ mansion writing substack articles blaming everyone but himself for the FTX fraud. He was a genius when talking to VCs, now suddenly we’re supposed to believe it’s The most incompetent CEO ever.”
SBF is sitting in his parent’s mansion writing substack articles blaming everyone but himself for the FTX fraud.
He was a genius when talking to VCs, now suddenly we’re supposed to believe he’s the most incompetent CEO in history. https://t.co/BHwf7opIA2
— Peruvian Bull (@peruvian_bull) January 12, 2023
Appeals attorney Michael Tex Duncan commented: “So it looks like Bankman-Fried is no longer tweeting his crimes, but instead has a new substack to detail them.”
So it looks like SBF is no longer tweeting his crimes, but instead has a new substack to detail them.
Sure he can confess to things more than 280 characters at a time, but if they’re like me, I’d wager the FBI agents on the case are still annoyed about having to sign up for it.
— Michael Tex Duncan – https://post.news/texduncan (@texduncan) January 12, 2023
Bitcoin (BTC) researcher Andrew Bailey commented: “SBF has a new Substack post full of reconstructed numbers and tables and estimates over the past few months from Alameda. I have read them. They are a smokescreen. Obviously”.
SBF has a new Substack post filled with reconstructed numbers and tables and estimates about Alameda’s final months. I read them.
They’re a smokescreen. Obviously.
— Andrew M. Bailey (@resistancemoney) January 12, 2023
On January 12, Cointelegraph reported that Joseph Bankman, the father of Bankman-Fried, has reportedly retained a lawyer to advance the criminal case against his son. Bankman allegedly advised and assisted his son on matters related to lobbying lawmakers in Washington, DC, and may now be cooperating with the prosecutors behind the case.
However, it remains unclear whether Bankman has any criminal or civil liability related to the FTX collapse.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.