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Saturday, February 4, 2023

SBF’s Substack Letter Leaves Crypto Community Unimpressed

The “pre-mortem review” of FTX’s demise that former CEO Sam “SBF” Bankman-Fried released as a letter on Substack on January 12 has drawn criticism from the cryptocurrency community. As Cointelegraph previously reported, SBF refuted the accusations leveled against him in the lengthy letter and insisted that FTX US had been “totally solvent” when the company filed for Chapter 11 bankruptcy, with almost $350 million in cash on hand.

Bankman-Fried said that when John Ray took over as CEO, FTX International had a substantial asset base (about $8 billion).

SBF’s Lengthy Letter Is Unimpressed

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Bankman-Fried stated that “no money was taken. As Three Arrows and other companies have this year, Alameda lost money as a result of a market crisis that it had not been appropriately hedged for. Unfortunately for him, SBF’s “pre-mortem summary” didn’t appear to impress the crypto community.

There is no mention of the billions in “loans” he took out from customer funds to finance his opulent lifestyle and political contributions, according to Wall Street Silver. I’m surprised that his legal team did not intervene to stop this man from speaking. “SBF is sitting in his parent’s house writing stack pieces blaming everyone but himself for the FTX scam,” fintech researcher Peruvian Bull said. He was brilliant when he spoke to the venture capitalists, but now we’re meant to think he’s the most stupid CEO ever.

So it appears that SBF is no longer tweeting his crimes, but rather has a new substack to document them, said appellate lawyer Michael Tex Duncan. According to a Jan. 12 Cointelegraph story, Joseph Bankman, Bankman-father, Fried has allegedly retained legal counsel while his son’s criminal case proceeds forward. According to reports, Bankman gave his son advice and support about how to persuade politicians in Washington, D.C. He may now be assisting the prosecutors handling SBF’s case.

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