cryptonews: Sam Bankman-Fried SBF has released a long explanation of how and why FTX went bankrupt, why it shouldn't have, and how everyone but he himself is to blame. 👀
Bankman-Fried also said that he was only talking about FTX International, which did not serve U.S. citizens.The U.S. exchange's "funds and customers were segregated from FTX International" and it had $350 million in cash on hand above and beyond funds belonging to customers, he said. "It's ridiculous that FTX US users haven't been made whole and gotten their funds back yet.
He then noted how much other crypto companies and assets lost: Coinbase and Robinhood shares about 85%; Bitcoin and Ether more than 60% each. "As part of Binance's exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash . Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books."
Those were loans that, Justice Department prosecutors have alleged, consisted of FTX customers' funds that the exchange had no right to lend out to anyone — especially its sister company.Bankman-Fried closed out the post by repeating old claims that the leadership team brought in to oversee FTX Group's bankruptcy stopped him from saving the companies.
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Sam Bankman-Fried says he didn't steal FTX fundsIn a blog post published Thursday, the former FTX CEO tried to explain the collapse of his crypto empire and reiterated that he thinks the company could still be saved.
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Sam Bankman-Fried Denies Stealing FTX Funds in New Online Post“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
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