FTX's Sam Bankman-Fried Attempts to Change Narrative Amid Ongoing Criticism
Once again, Sam Bankman-Fried insists that FTX was not insolvent, facing backlash from critics and legal professionals over his latest comments.
Disgraced FTX founder Sam Bankman-Fried has entered the limelight once more regarding the bankruptcy of his platform. In response to a satirical post from a creditor, Bankman-Fried contended that FTX was effectively solvent when it went bankrupt, dismissing the allegations claimed by creditor which imply that current CEO John J. Ray III is manipulating the situation for profit.
The creditor accused Ray of selling off valuable stakes for less than their worth and of mishandling crucial assets, as well as claiming mismanagement in related board decisions. Sam’s response on his X account hinted at agreement with parts of the creditor’s claims:
“I don’t quite agree with every point – but, yeah, this is basically what happened. I’m not saying FTX’s solvency or the Debtors’ mismanagement are the reasons I’m innocent (although it’s a piece of the story!). But the Debtors are still withholding funds.”
(Translation: I don’t quite agree with every point – but, yeah, this is basically what happened. I’m not saying FTX’s solvency or the Debtors’ mismanagement are the reasons I’m innocent (although it’s a piece of the story!). But the Debtors are still withholding funds.)
Following these comments, on-chain investigator ZachXBT demanded clarification regarding a transferred $40 million to Chinese authorities that Bankman-Fried allegedly concealed.
Venture Capitalist Adam Cochran criticized Bankman-Fried’s lack of remorse regarding his part in FTX’s downfall, asserting that his attempts to reshape the narrative only justify a more severe punishment.
Recently, during a failed appeal hearing before a panel of judges including Judge Barrington Parker, the court showed skepticism towards Bankman-Fried’s claims of a flawed initial trial, raising questions about whether he could indeed overturn the jury’s verdict concerning significant financial losses.
The renewed online confrontation surfaced just after Bankman-Fried’s social account became active again last month, where he published a document asserting that FTX was never insolvent, citing external malign influences that led to its liquidity problems. Experts dismissed his recent narrative, echoing concerns they expressed during the 2023 trial.
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