Crypto Community Unimpressed By Long Substack Letter From Sam Bankman-Fried

The crypto neighborhood has expressed its views on the “premortem imaginative and prescient” of former FTX CEO Sam ‘SBF’ Bankman-Fried in regards to the platform crash which he posted on January 12 as a letter on Substack.

As BoxNews beforehand reported, Bankman-Fried denied the allegations made towards him within the prolonged letter, sustaining 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 said that FTX Worldwide had a considerable quantity of belongings (roughly $8 billion) when John Ray turned CEO. In response to Bankman-Fried, “no funds have been stolen. Alameda misplaced cash resulting from a market downturn for which it was not adequately lined, as Three Arrows and others have finished this 12 months.”

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Sadly for him, the crypto neighborhood appeared unimpressed by the Bankman-Fried letter.

Wall Road Silver shared: “There is no point out of the billions in ‘loans’ he took from purchasers’ cash to finance his lavish life-style and political donations. I am stunned his authorized group did not cease this man from speaking.”

Fintech analyst Peruvian Bull shared: “Sam Bankman-Fried is sitting in his dad and mom’ 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 presupposed to imagine it is Essentially the most incompetent CEO ever.”

Appeals legal professional Michael Tex Duncan commented: “So it seems to be like Bankman-Fried is not tweeting his crimes, however as an alternative has a brand new substack to element them.”

Bitcoin (BTC) researcher Andrew Bailey commented: “SBF has a brand new Substack put up stuffed with reconstructed numbers and tables and estimates over the previous few months from Alameda. I’ve learn them. They’re a smokescreen. Clearly”.

On January 12, BoxNews reported that Joseph Bankman, the daddy of Bankman-Fried, has reportedly retained a lawyer to advance the prison case towards his son. Bankman allegedly suggested and assisted his son on issues associated to lobbying lawmakers in Washington, DC, and will now be cooperating with the prosecutors behind the case.

Nonetheless, it stays unclear whether or not Bankman has any prison or civil legal responsibility associated to the FTX collapse.

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