Home Lifestyle FTX Case | “I Didn’t Steal The Money”: Sam Bankman-Fred Prepares His Defense

FTX Case | “I Didn’t Steal The Money”: Sam Bankman-Fred Prepares His Defense

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Sam Bankman-Fried spoke Thursday, January 12th by launching a newsletter on Substack in order to prepare his defense, specifically accusing FTX investors and clients, now bankrupt, of fraud and wire fraud.

The 2,300-word post describes FTX’s “ante-mortem” situation in perspective Sam Bankman Fried. The latter gives an overview of the supposed financial resources of FTX Internationalwhich is headquartered in the Bahamas, shortly before the company declared bankruptcy in November, and Sam Bankman-Fried resigned as CEO.

He privately claimed that a general downturn in the market eventually led to the downfall of FTX and that it had nothing to do with trading.Alameda Researchwhich was contested by the team overseeing the FTX bankruptcy proceedings and before Caroline Ellisonformer CEO of Alameda.

“I didn’t steal money, and I certainly didn’t stash billions,” Sam Bankman-Fried wrote, directly disputing the accusations leveled at her by Carolyn Ellison and Gary WangCo-Founder of FTX.

Sam Bankman-Fried also reiterated several questionable claims that FTX’s US operations were and remain fully solvent, despite filing for bankruptcy, and that Binance CEO, Changpeng Zhaois mainly responsible for the bankruptcy of Alameda.

This newsletter is Sam Bankman Fred’s first public appearance since his court appearance on December 30, 2022. Arrested by Bahamas authorities in December and extradited to the United States, the former billionaire faces eight criminal charges of transferring money from FTX clients to Alameda and several personal expenses , including millions of dollars in political donations. Last week, Sam Bankman-Fried pleaded not guilty to all charges in New York federal court. Lawyers representing FTX in court said the company has recovered Over $5 billion in liquid assets So far using the bankruptcy process. On Thursday, Sam Bankman-Fried claimed that “nearly all of my assets were and still are usable to support FTX clients.”

Often very blunt on social media and in interviews, Sam Bankman-Fried should “shut up,” he said last month Ira Sorkina lawyer like another famous white-collar criminal, Bernard Madoff. “The only people who will listen to what you have to say are the regulators and the prosecutors.”

The reporter revealed that the former billionaire and CEO of FTX’s Substack newsletter initially included an option to make a donation to him. Wall Street Journal Caitlin Ostrovthat urge Sam Bankman Fried Laird: “Heh, oops, it was involuntary, well visible. I guess the paid option doesn’t show up now…”

Translated article from the American magazine Forbes – Author: Derek Saul

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