SBF has a Substack and claims “I didn’t steal funds.”
, the “FTX Pre-mortem Overview” message from the former CEO says, among other things, that “I didn’t steal funds, and I certainly didn’t stash billions away.”In the lengthy post , he tries to lay out a case that FTX and Alameda Research “were both legitimately and independently profitable businesses in 2021, each making billions.” Given a few more weeks, he asserts, FTX International may have survived the crisis.
Bankman-Fried writes, “S&C and the GC were the primary parties strong-arming and threatening me into naming the candidate they themselves chose as CEO of FTX--including for a solvent entity in FTX US--who then filed for Chapter 11 and chose S&C as counsel to the debtor entities.” SBF ultimately blames the fall of his empire on a series of market crashes that initiated the so-called “crypto winter” last year for dropping the value of Alameda’s net assets — by his estimation going from $99 billion at the start of 2022 to $10 billion by October.Then came the tweet by Binance CEO Changpeng “CZ” Zhao that initiated a run of FTX’s FTT token, which he paints as a “targeted attack on assets held by Alameda, not a broad market move.
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