{"id":597213,"date":"2023-01-13T14:49:20","date_gmt":"2023-01-13T20:49:20","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/13\/i-didnt-steal-funds-bankman-fried-debuts-newsletter-and-defense\/"},"modified":"2023-01-13T14:49:20","modified_gmt":"2023-01-13T20:49:20","slug":"i-didnt-steal-funds-bankman-fried-debuts-newsletter-and-defense","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/13\/i-didnt-steal-funds-bankman-fried-debuts-newsletter-and-defense\/","title":{"rendered":"\u2018I Didn\u2019t Steal Funds\u2019: Bankman-Fried Debuts Newsletter\u2014And Defense"},"content":{"rendered":"
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Topline<\/h2>\n

Sam Bankman-Fried, <\/strong>the former billionaire facing a litany of criminal charges for alleged fraud in his now-bankrupt exchange FTX and the now-defunct trading firm Alameda Research, made his first public comments of 2023 on Thursday, launching a Substack to apparently sketch out his legal defense.<\/p>\n

<\/p>\n

Sam Bankman-Fried arrives at Manhattan federal court last month ahead of his not guilty plea.<\/p>\n

<\/fbs-accordion>Copyright 2023 The Associated Press. All rights reserved.<\/small><\/figcaption><\/figure>\n

Key Facts<\/h2>\n
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The 2,300-word post<\/a> outlines the \u201cpre-mortem\u201d state of FTX from Bankman-Fried\u2019s perspective, providing an overview of the supposed finances of the Bahamas-headquartered FTX International shortly before the company filed for bankruptcy in November and Bankman-Fried resigned as FTX\u2019s chief executive.<\/p>\n<\/p><\/div>\n

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Among his claims were that a broader market downturn ultimately led to FTX\u2019s collapse and that he had little to do with Alameda\u2019s operations, the latter of which has been disputed<\/a> by the team overseeing FTX\u2019s bankruptcy proceedings and by<\/a> Alameda\u2019s former CEO Caroline Ellison.<\/p>\n<\/p><\/div>\n

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\u201cI didn\u2019t steal funds, and I certainly didn\u2019t stash billions away,\u201d Bankman-Fried wrote, directly opposing the guilty pleas<\/a> from Ellison and FTX cofounder Gary Wang.<\/p>\n<\/p><\/div>\n

Bankman-Fried also repeated dubious assertions that FTX\u2019s U.S. operations were fully solvent and remain so, despite the bankruptcy declaration, and that Binance CEO Changpeng Zhao is primarily responsible for Alameda\u2019s insolvency.<\/p>\n<\/div>\n

Key Background<\/h2>\n

The blog post and related social media activity mark Bankman-Fried\u2019s first public commentary outside of court since December 30. Arrested by Bahamian authorities in December and extradited to the U.S., Bankman-Fried faces<\/a> eight criminal charges for allegedly funneling FTX customer funds to Alameda and for personal expenditures, including millions in political donations. The 30-year-old California native pleaded not guilty<\/a> to all counts in New York federal court last week. Attorneys representing FTX said in court Wednesday the company has recovered more than $5 billion<\/a> in liquid assets thus far in its bankruptcy process. Bankman-Fried claimed Thursday that \u201cnearly all of my assets were and still are utilizable to backstop FTX customers.\u201d<\/p>\n

Chief Critic<\/h2>\n

Often candid on social media and in interviews, Bankman-Fried needs to \u201cshut up,\u201d Ira Sorkin, a lawyer who represented fellow notorious white collar criminal Bernie Madoff, said<\/a> last month. \u201cThe only people that are going to listen to what you have to say are regulators and prosecutors.\u201d<\/p>\n

Tangent<\/h2>\n

Bankman-Fried\u2019s Substack initially included an option to donate to him, Wall Street Journal <\/em>reporter Caitlin Ostroff tweeted, prompting<\/a> Bankman-Fried to respond: \u201cHeh whoops that was unintentional, good catch\u2014think there shouldn’t be a paying option anymore\u2026\u201d<\/p>\n

Further Reading<\/h2>\n

Bankrupt FTX Has Recouped Over $5 Billion In Liquid Assets\u2014But Still Has Billions More To Go To Meet Liabilities<\/a> (Forbes<\/em>)<\/p>\n

Sam Bankman-Fried Pleads Not Guilty<\/a> (Forbes<\/em>)<\/p>\n<\/div>\n

Read More<\/a>
\n Derek Saul<\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Sam Bankman-Fried, the former billionaire facing a litany of criminal charges for alleged fraud in his now-bankrupt exchange FTX and the now-defunct trading firm Alameda Research, made his first public comments of 2023 on Thursday, launching a Substack to apparently sketch out his legal defense. Sam Bankman-Fried arrives at Manhattan federal court last month<\/p>\n","protected":false},"author":1,"featured_media":597214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23888,3066],"tags":[],"class_list":["post-597213","post","type-post","status-publish","format-standard","has-post-thumbnail","category-didnt","category-steal"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/597213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=597213"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/597213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/597214"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=597213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=597213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=597213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}