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Nearly as much as the time of his arrest within the Bahamas a month in the past, Sam Bankman-Fried’s (SBF) post-FTX collapse media tour included days of back-to-back Twitter Areas and Zoom calls. Now, prime executives from his crypto-empire corporations have pleaded responsible to fraud and cash laundering fees and are cooperating with the prosecution, whereas Bankman-Fried, free on $250 million bail and nonetheless giving interviews, is He has pleaded not responsible to eight comparable fees and has continued to launch a publication whereas awaiting trial.
Posted this morning on Substack, the previous CEO’s “FTX Pre-mortem Overview” message says, amongst different issues, that he “did not steal funds and positively did not stash billions.”
Within the prolonged publish (and a few follow-up tweets), he makes an attempt to make a case that FTX and Alameda Analysis “have been respectable and independently worthwhile companies in 2021, every making billions.” With just a few extra weeks, he says, FTX Worldwide may have survived the disaster. The villains on this model of the story embrace FTX’s lead chapter legal professional Sullivan & Cromwell (S&C), together with Ryne Miller, the final counsel for FTX US who joined the corporate in 2021 after a sting with S&C. .
Bankman-Fried writes: “S&C and GC have been the principle events threatening me and forcing me to nominate their self-chosen candidate as CEO of FTX, together with for a creditworthy entity in FTX USA, who then took the Chapter 11 and selected S&C as authorized counsel for the debtor entities.”
SBF in the end blames the autumn of its empire on a collection of market crashes that kicked off the so-called “crypto winter” final yr on Alameda’s falling internet asset worth; by his estimate, it went from $99 billion in early 2022 to $10 billion. for october
Then got here Binance CEO Changpeng “CZ” Zhao’s tweet, which began a run on FTX’s FTT token, which he describes as a “focused assault on property held by Alameda, not a broad market transfer.” It is an fascinating place for him, contemplating a report from He New York Instances He mentioned prosecutors are trying into the likelihood that he and Alameda manipulated the commerce that triggered the crash of the TerraUSD and Luna cryptocurrencies earlier this yr.
“And so when Alameda went illiquid, FTX Worldwide did too, as a result of Alameda had an open margin place in FTX; and the financial institution run turned that illiquidity into insolvency,” writes Bankman-Fried.
The publish doesn’t handle responsible pleas filed by his former mates and enterprise associates, specifically FTX co-founder and former CTO Zixiao “Gary” Wang and former Alameda Analysis CEO Caroline Ellison.
At its launch, Substack provided supporters a shot by way of a subscription of as much as $150 per yr for “founding” members. SBF has since disabled that possibility.
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