crypto strategy

Sam Bankman-Fried has a new defense strategy: blogging

After the historic collapse of its crypto exchange, FTXdue to his alleged scheme to defraud investors, Sam Bankman Fried couldn’t help but explain himself in a seemingly endless series of Twitter threads and high-level talks. But when he was accused of eight counts of fraud and conspiracy in December, he mostly let his lawyers do the talking – at least for a few weeks.

Thursday morning, SBF published a Sub-stack called “FTX Pre-Mortem Overview” trying to explain where the company is in its insolvency proceedings. The day before, FTX’s new management told a Delaware bankruptcy court that it had recovered more than $5 billion in assets to repay customers and creditors. But Bankman-Fried, still confident in his own abilities, thinks he could have done a better job of giving everyone back if FTX hadn’t been forced into bankruptcy in November. “If FTX had had a few weeks to raise the necessary cash, I believe it would have been able to return customers substantially whole,” he wrote.

However, the blog is above all an opportunity for the alleged fraudster to develop his plea of ​​not guilty. “I didn’t steal funds, and I certainly didn’t hide billions,” he wrote. Bankman-Fried also noted that the collapse of the investment firm he founded, Alameda Research, was tied to the biggest crypto problem of 2022, and not just his own bad investments. But SBF doesn’t really respond to reports that FTX stole client funds to try to support Alameda. Nor does it discuss the guilty pleas of Gary Wang, co-founder of FTX, and Caroline Ellison, CEO of Alamedawho faced fraud charges and is now cooperating with federal prosecutors.

Substack’s spontaneous post suggests Bankman-Fried has plenty of time ahead of him as he awaits trial in October while under house arrest at his parents’ home in Palo Alto. This is certainly the impression of a recent interview with Puckin which SBF hung out with his family’s German Shepherd and played video games all day.

#Sam #BankmanFried #defense #strategy #blogging #crypto strategy

Related Articles

Back to top button