BlocksInform
The former FTX CEO, Sam Bankman-Fried, for the most part denied the allegations against him in a "pre-mortem overview" of the insolvency of the cryptocurrency exchange.
In a Jan. 12 post on Substack, Bankman-Fried — differentiating between companies under the FTX umbrella — claimed FTX US had been “fully solvent” at the time the firm filed for Chapter 11 bankruptcy, with roughly $350 million in cash on hand. He pointed to Sullivan & Crowell and the FTX US general counsel as parties who pressured him into naming John Ray as the CEO of FTX prior to the firm’s bankruptcy, seemingly disrupting a path toward making affected users “substantially whole.”
"Even now, I think that if FTX International were to restart, there would be a real possibility that customers would be made significantly whole," said Bankman-Fried.
In regards to the allegations Alameda had used user funds from FTX, Bankman-Fried denied any involvement:
“I didn’t steal funds, and I certainly didn’t stash billions away. Almost all my assets were and are still usable for securing ftx clients. For example, I offered to pay almost all of my personal shares in tap wood to my clients – or 100 per cent, if the Chapter 11 team agreed to honour my commitments.”
— SBF (@SBF_FTX) January 12, 2023
This story is unfolding and will be brought up to date.
