“I didn’t steal funds, and I certainly didn’t stash billions away,” Sam Bankman-Fried wrote in a lengthy new Substack post Thursday giving his take on what happened to FTX and Alameda. By NelWang
He denied stealing funds and claimed FTX and sister company Alameda Research collapsed because of the crypto market meltdown and inadequate hedging on Alameda’s part.
“I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried wrote. Later in the post, he concluded that “Alameda lost money due to a market crash it was not adequately hedged for.” While alleging the trading firm"failed to sufficiently hedge its market exposure," he also said he"hasn't run Alameda for the last few years."
Bankman-Fried faces numerous federal charges including conspiracy to commit fraud and is now free on bail at his parents’ home in California. He has pleaded not guilty to the charges, but his lieutenant and Alameda chief Caroline Ellison
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