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FTX founder Sam Bankman-Fried says he ‘didn’t steal funds’ in unusual post-arrest blog post
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Former FTX chief executive Sam Bankman-Fried leaves Manhattan federal court, in New York, on Jan. 3.ED JONES/AFP/Getty Images
Sam Bankman-Fried said he did not steal money and blamed the collapse of his now-bankrupt FTX exchange on a broad crash in cryptocurrency markets, in a highly unusual blog post on Thursday, a month after his arrest on U.S. fraud charges.
Federal prosecutors in Manhattan in December said Mr. Bankman-Fried stole billions of dollars from FTX customers to pay debts for his crypto-focused hedge fund, Alameda Research, purchase lavish real estate and donate to U.S. political campaigns.
He has pleaded not guilty. The Substack blog post – a rare public statement by a U.S. criminal defendant – amounts to a preview of the defence case Mr. Bankman-Fried may present when his trial begins on Oct. 2.
“I didn’t steal funds, and I certainly didn’t stash billions away,” Mr. Bankman-Fried wrote.
Defense lawyers typically advise clients to stay silent before trial because prosecutors may use their comments against them in court.
A spokesman for Mr. Bankman-Fried declined to comment. A spokesman for the U.S. Attorney’s office in Manhattan declined to comment.
In the post, Mr. Bankman-Fried did not directly address many of the other charges brought against him by federal prosecutors in Manhattan last month, namely that he misled investors and lenders about the financial conditions of FTX and Alameda. He wrote that he had “a lot more to say.”
The 30-year-old onetime billionaire wrote that Alameda failed to hedge against an “extreme” crash in the crypto markets, which ultimately came to pass last year.
“As Alameda became illiquid, FTX International did as well, because Alameda had a margin position open on FTX,” Mr. Bankman-Fried wrote.
Last month, two of his closest associates pleaded guilty to defrauding the trading platform’s customers and agreed to co-operate with prosecutors’ investigation.
Caroline Ellison, Alameda’s former chief executive, said in her plea hearing that Mr. Bankman-Fried and other FTX executives received billions of dollars in secret loans from Alameda.
Mr. Bankman-Fried was released on a US$250-million bond in December and put under house arrest at his parents’ Palo Alto, Calif. home, which was pledged as collateral for his return to court.
In the post, Mr. Bankman-Fried also said FTX’s U.S. wing is “fully solvent” and that its international unit has many billions of dollars in assets.
“If it were to reboot I believe there is a real chance that customers could be made substantially whole,” he wrote.
The comments came after a lawyer for FTX on Wednesday told a federal bankruptcy court in Delaware that the exchange had located more than US$5-billion in liquid assets, and that the company plans to sell non-strategic investments that had a book value of US$4.6-billion.
That does not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr. Bankman-Fried lived before he was extradited to the United States. Bahamian authorities say they have seized US$3.5-billion, but FTX says those funds are worth as little as US$170-million.
On Wednesday night, Mr. Bankman-Fried replied on Twitter to a user named @wassielawyer who said a sale of the FTX exchange was viable. “yup my sense is that is and always has been the best recovery scenario for customers,” Mr. Bankman-Fried wrote.
FTX declared bankruptcy on Nov. 11, the same day Mr. Bankman-Fried stepped down as its chief executive.
I recently watched “ the greatest film of all time ,” and the most boring one. In retrospect, the title alone should have been a sufficient warning: Jeanne Dielman, 23 Quai du Commerce, 1080 Bruxelles . Alas, I’m old enough to be a bit nostalgic about massive telephone address books. And massive it is. Clocking over 200 minutes, Chantal Akerman's 1975 dreary drama follows three days in the monotonous routine of Jeanne, a widow, a mother, and a prostitute. I watched Jeanne’s autopilot existence, until, staring at her back as she washes dishes, I decided to fast-forward a couple of minutes, only to discover she was still at it. And Jeanne is equally thorough when she’s busy baking, cleaning, folding laundry, or shining her son’s shoes. She speaks so scarcely and mechanically, that it’s impossible to detect any emotion or volition beyond her carefully controlled chores . Watching Jeanne Dielman is what the word “painstaking” was invented for. Chantal...
Stored procedures: like functions for your SQL. A stored procedure is a batch of SQL statements created and stored on a database. You can reuse a stored procedure over and over again. A stored procedure can accept parameters, run a query, and return results. Many users can call a stored procedure and different applications can call it with different parameter values. What Are the Benefits of Using Stored Procedures? Apart from allowing multiple users and applications to reuse it, a stored procedure has other benefits. It is easy to modify. You can change a stored procedure when necessary and these updates will be reflected for all users. Furthermore, you don’t need to redeploy your application when you modify the stored procedure. It reduces network traffic because the server only passes the procedure’s name over the network and not the entire query. It improves database security since users don’t have direct access to tables. To make...
Believe it or not, a Christmas tree won't stay upright on its own. Instead, you need a stable Christmas tree stand that can accommodate the type and size of tree you have. We researched dozens of the best Christmas tree stands to help you find the right one for your needs, whether you have a real tree, an artificial tree, a small tree, or a behemoth. The stands in our guide have a track record of durability, performance, and easy setup. We also outline the size and type of tree each stand is meant for. Check out our guide to the best Christmas tree skirts once you've chosen the right stand for your tree. The best Christmas tree stands in 2022 Best Christmas tree stand overall: Krinner Tree Genie Christmas Tree Stand, available at Amazon, $82.79 The German-engineered Krinner Tree Genie Christmas Tree Stand is easy to set up in a couple of minutes and keeps trees up to 12 f...
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