The crypto group has voiced their opinions on former FTX CEO Sam “SBF’ Bankman-Fried’s “pre-mortem overview” of the collapse of FTX he revealed on Jan. 12 as a letter on Substack.
— SBF (@SBF_FTX) January 12, 2023
As beforehand reported by Cointelegraph, SBF denied the allegations made towards him within the prolonged letter and maintained that FTX US had been “absolutely solvent” on the time the agency filed for Chapter 11 chapter, with roughly $350 million in money out there.
Bankman-Fried additional acknowledged that FTX Worldwide had a considerable quantity of belongings (roughly $8 billion) when John Ray grew to become CEO. Based on Bankman-Fried, “No funds had been stolen. Alameda misplaced cash as a result of a market crash it was not adequately hedged for–as Three Arrows and others have this 12 months.”
Cointelegraph reached out to a white-collar prison lawyer and accomplice at Stakoe Partnership Solicitors, Richard Cannon, who shared his views on SBF’s “pre-mortem overview.” In response as to if Bankman Fried’s legal professionals accredited this, Cannon shared; “I don’t assume this could have been performed with the approval of his legal professionals. Any pre-trial assertion made with their approval would more than likely come by way of them.”
Cannon added:
“He’d higher get it proper as a result of every part he says and has mentioned can be utilized towards him in his prison trial.”
Sadly for Bankman Fried, the crypto group appeared unimpressed by his “pre-mortem overview.”
Wall Road Silver shared, “There isn’t any point out of the billions in ‘loans’ he took out from buyer cash to fund his lavish life-style and political donations. I’m shocked his authorized staff has not stopped this man from speaking.”
SBF launched a Substack article along with his model of occasions.
There isn’t any point out of the the billions in “loans” he took out from buyer cash to fund his lavish life-style and political donations.
I’m shocked his authorized staff has not stopped this man from speaking. pic.twitter.com/8hTFgRhXva
— Wall Road Silver (@WallStreetSilv) January 12, 2023
Fintech analyst Peruvian Bull shared, “SBF is sitting in his guardian’s mansion writing substack articles blaming everybody however himself for the FTX fraud. He was a genius when speaking to VCs, now out of the blue we’re imagined to consider he’s essentially the most incompetent CEO in historical past.”
SBF is sitting in his guardian’s mansion writing substack articles blaming everybody however himself for the FTX fraud.
He was a genius when speaking to VCs, now out of the blue we’re imagined to consider he is essentially the most incompetent CEO in historical past.https://t.co/BHwf7opIA2
— Peruvian Bull (@peruvian_bull) January 12, 2023
Appellate lawyer Michael Tex Duncan commented, “So it seems like SBF is not tweeting his crimes, however as an alternative has a brand new substack to element them.”
So it seems like SBF is not tweeting his crimes, however as an alternative has a brand new substack to element them.
Positive he can confess to issues greater than 280 characters at a time, but when they’re like me, I might wager the FBI brokers on the case are nonetheless aggravated about having to join it.
— Michael Tex Duncan – https://submit.information/texduncan (@texduncan) January 12, 2023
Bitcoin (BTC) researcher Andrew Bailey commented, “SBF has a brand new Substack submit stuffed with reconstructed numbers and tables and estimates about Alameda’s ultimate months. I learn them. They’re a smokescreen. Clearly.”
SBF has a brand new Substack submit stuffed with reconstructed numbers and tables and estimates about Alameda’s ultimate months. I learn them.
They are a smokescreen. Clearly.
— Andrew M. Bailey (@resistancemoney) January 12, 2023
Associated: Sam Bankman-Fried: ‘I didn’t steal funds, and I actually didn’t stash billions away’
On Jan. 12, Cointelegraph reported that Joseph Bankman, the daddy of Bankman-Fried, has reportedly employed an lawyer because the prison case towards his son strikes ahead. Bankman reportedly suggested and assisted his son on issues associated to lobbying lawmakers in Washington, D.C. and should now be cooperating with the prosecutors behind SBF’s case.
Nevertheless, It stays unclear whether or not Bankman has any prison or civil legal responsibility associated to the collapse of FTX.
