{"id":14584,"date":"2023-01-20T21:47:56","date_gmt":"2023-01-20T21:47:56","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/sam-bankman-fried-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/"},"modified":"2023-01-20T21:47:57","modified_gmt":"2023-01-20T21:47:57","slug":"sam-bankman-fried-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/sam-bankman-fried-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/","title":{"rendered":"Sam Bankman-Fried launches Substack: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away\u2019"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/12\/ftx-sbf-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/<\/a><\/br>
\nSam Bankman-Fried launches Substack: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away\u2019<\/br>
\n2023-01-20 21:47:56<\/br><\/p>\n

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\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
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FTX founder and former CEO Sam Bankman-Fried launched his own Substack<\/a> newsletter today, in a very unusual move for someone who was recently arrested<\/a> and is facing eight counts of U.S. criminal charges.<\/p>\n

In a post titled \u201cFTX Pre-Mortem Overview,\u201d Bankman-Fried maintains his innocence surrounding the collapse and bankruptcy<\/a> of FTX, a cryptocurrency exchange he founded in 2019 that went on to raise $2 billion in funding and achieve a valuation of a staggering $32 billion.<\/p>\n

He wrote:<\/p>\n

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I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away. Nearly all of my assets were and still are utilizable to backstop FTX customers. I have, for instance, offered to contribute nearly all of my personal shares in Robinhood to customers \u2014 or 100%, if the Chapter 11 team would honor my D&O legal expense indemnification.<\/p>\n<\/blockquote>\n

When Bankman-Fried stepped down from FTX in November, Enron turnaround veteran John J. Ray III was appointed as the new CEO.<\/p>\n

The 30-year-old former billionaire continues to insist that if he were not \u201cforced\u201d to declare bankruptcy that the company would have been able to repay all its customers. He wrote: \u201cThere were numerous potential funding offers \u2014 including signed LOIs post chapter 11 filing totaling over $4b.\u00a0 I believe that, had FTX International been given a few weeks, it could likely have utilized its illiquid assets and equity to raise enough financing to make customers substantially whole.\u201d<\/p>\n

On January 3, Bankman-Fried pled not guilty to all eight counts of criminal charges, which included wire fraud, conspiracy to commit money laundering and conspiracy to misuse customer funds, among others. Bankman-Fried could face up to 115 years in jail if convicted on all charges. His trial date has been set for October 2, 2023.<\/p>\n

Last month, a U.S. judge released Bankman-Fried on a $250 million bail bond after he was extradited to America from the Bahamas. The bail package allowed Bankman-Fried to remain under house arrest at his parents\u2019 home in Palo Alto, California.<\/p>\n

In the Substack, Bankman-Fried insisted that he had not been involved in running affiliated trading company Alamada \u2014 which was been the target of speculation around whether or not FTX mishandled customer funds \u2014 for some time, and that he was not aware of its finances. He also went on to share what he described as \u201ca record of FTX US\u2019s balance sheet as of when I handed it off.\u201d<\/p>\n

\"\"<\/p>\n

Image Credits:<\/strong> SBF Substack<\/p>\n

He went on to say:<\/p>\n

\n

If FTX had been given a few weeks to raise the necessary liquidity, I believe it would have been able to make customers substantially whole. I didn\u2019t realize at the time that Sullivan & Cromwell \u2014 via pressure to instate Mr. Ray and file Chapter 11, including for solvent companies like FTX US \u2014 would potentially quash those efforts. I still think that, if FTX International were to reboot today, there would be a real possibility of making customers substantially whole. And even without that, there are significant<\/a> assets<\/a> available for customers.<\/p>\n

I\u2019ve been, regrettably, slow to respond to public misperceptions and material misstatements. It took me some time to piece together what I could \u2014 I don\u2019t have access to much of the relevant data, much of which is for a company (Alameda) I wasn\u2019t running at the time.<\/p>\n<\/blockquote>\n

This is not the first time the disgraced founder has taken to airing his thoughts publicly. In November, he said in a series of tweets<\/a> that FTX International was looking to raise liquidity<\/a> and was in talks with a \u201cnumber of players.\u201d Then in December, he talked<\/a> from an undisclosed location in the Bahamas with reporter Andrew Ross Sorkin for a DealBook event; a discussion<\/a> that his legal team \u201cvery much\u201d did not approve of, he told Sorkin with a boyish grin.<\/p>\n

Want more fintech news in your inbox? Sign up<\/i> here<\/i><\/a>.<\/i><\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/01\/12\/ftx-sbf-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/12\/ftx-sbf-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/ Sam Bankman-Fried launches Substack: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away\u2019 2023-01-20 21:47:56 FTX founder and former CEO Sam Bankman-Fried launched his own Substack newsletter today, in a very unusual move for someone who was recently arrested and is facing eight counts of U.S. criminal charges. In a post titled […]<\/p>\n","protected":false},"author":1,"featured_media":14587,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-14584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nSam Bankman-Fried launches Substack: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away\u2019 - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/sam-bankman-fried-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sam Bankman-Fried launches Substack: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away\u2019 - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/01\/12\/ftx-sbf-launches-substack-i-didnt-steal-funds-and-i-certainly-didnt-stash-billions-away\/ Sam Bankman-Fried launches Substack: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away\u2019 2023-01-20 21:47:56 FTX founder and former CEO Sam Bankman-Fried launched his own Substack newsletter today, in a very unusual move for someone who was recently arrested and is facing eight counts of U.S. criminal charges. 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