Move over, Twitter Spaces,
The founder and former CEO of failed crypto exchange FTX, Sam Bankman-Fried, also known as SBF, launched a newsletter via Substack on Thursday. The first and only post at this time, titled FTX Pre-Mortem Overview, is a rundown of SBF’s version of events that led to the demise of his company.
For those who have listened to the multiple audio interviews that Sam Bankman-Fried gave to crypto influencers on Twitter Spaces prior to his arrest, the details in this post will sound quite familiar. SBF continues to claim that he’s unaware of what was going on at his crypto hedge fund, Alameda Research, and the improper transfer and use of customer funds from FTX to Alameda.
The head of Alameda Research at the time was SBF’s ex-girlfriend Caroline Ellison, who
SBF claims that Alameda Research was a victim of downturns in the market and eventually “Alameda’s contagion spread to FTX.” SBF cites other recently failed crypto firms, like Celsius and Voyager, in an attempt to show that this was an industry-wide issue and not unique to FTX.
Bankman-Fried also continued to criticize FTX’s legal counsel, Sullivan & Cromwell. SBF has maintained that he could have continued to raise liquidity which would have saved FTX from failure and made its customers whole. However, according to the former FTX CEO, Sullivan & Cromwell pressured him to file for Chapter 11 bankruptcy instead.
FTX was once one of the largest crypto exchanges in the world. Shortly before its collapse, FTX was valued at $32 billion. In November, reports from
According to the stock website, Unusual Whales, SBF initially
Bankman-Fried is currently out on a $250 million bond, awaiting trial at his parents’ home per the condition of bail.