Sam Bankman-Fried Criticizes Friends and Associates Over FTX Collapse
In a recent report, the New York Times had allegedly recovered some unpublished documents where Sam Bankman-Fried, the founder and former chief executive officer of the collapsed FTX exchange, blamed his friends, colleagues, and associates over the collapse of the crypto firm, FTX, in 2022.
According to the report, the New York Times recently uncovered some 250 pages of documents that contain Bankman-Fried’s complaints at the time he was on house arrest. The defendant reportedly gave the unpublished document to Tiffany Fong, a social media influencer.
In the documents, SBF lamented the fact that he has been branded as one of the most hated individuals worldwide and placed under house arrest when other people involved in the FTX collapse case still roam. In addition, the CEO criticized some of his former associates at both Alameda Research and FTX exchange for his situation, explaining his connection with them.
Caroline Ellison, the CEO of Alameda Research and ex-lover of SBF, reportedly appeared first on the list of individuals accused by Sam. According to the document, SBF said Ellison constantly avoided him whenever he initiated talks or suggested ideas concerning the risk management of FTX.
Sam Bankman-Fried Points Accusing Fingers
He added if she had heeded her concerns and started a hedging scheme using Alameda, which was under her control, FTX might have remained solvent, preventing all the current investigation and lawsuits against him and the firm, which has been going on for about a year now.
In addition, SBF criticized Sam Trabucco, a co-CEO at Alameda Research, claiming that he had skills in risk management, but instead of investing his time and knowledge in ensuring the firm maintains its balance, he was going on dates and vacation all the while.
Sam Bankman-Fried admitted in the unpublished documents that he had a good relationship with both Ellison and Trabucco, claiming that he had met with the latter at a health camp prior to the collapse of FTX. In another chapter, the CEO criticized bankruptcy lawyers in charge of FTX’s recovery. He argued that Sullivan & Cromwell’s law firm had stimulated the rumors that he and his administration misappropriated FTX customers’ funds, which led to the collapse.
In addition, the defendant stated in the document that he had a couple of meetings with Changpeng Zhao (CZ), the CEO of Binance, while they both attended a conference in Taiwan before the whole unfortunate occurrence. He said during the meetings, which were in a grand party atmosphere, CZ embraced him while people stared at them.
Bankman-Fried’s 250 Pages Document Remained Unpublished
Nonetheless, he claimed that Binance is not ignorant of the FTX collapse case as a few days after a negative rumor about Alameda spread on November 2, CZ announced on Twitter that Binance plans to sell its FTX-related funds, which are worth $2.1 billion. Shortly after CZ’s announcement, FTX suffered a liquidity crisis. Following that, Binance again showed interest in acquiring the troubled firm but later ditched the acquisition plans.
According to the report, the uncovered document, which has not been released publicly, has 250 pages containing Sam Bankman-Fried’s confessions and complaints. He reportedly gave it to Tiffany Fong while the social media influencer visited him when he was placed under house arrest.
In addition, Fong reportedly received the document in January and sent one copy to Aditya Baradwaj, an engineer at FTX. According to Fong, the engineer suggested that if FTX had not misappropriated customers’ funds, there would not be a need for hedging schemes from Alameda research.
Furthermore, Fong reportedly forwarded the documents to the New York Times (NYT), which led to the quotes and references the publication firm made in its recent coverage of the FTX collapse case. It is noteworthy that SBF had initially shared son documents on Ellison to the NYT in July, which boomerang, leading to the revocation of his bail order on the grounds of tampering with witnesses.
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