Sam Bankman-Fried, former CEO of FTX, has denied allegations against him in a recent post on Substack regarding the crypto exchange’s insolvency.
In his post, Bankman-Fried claims that FTX US was “fully solvent” at the time of filing for Chapter 11 bankruptcy, with approximately $350 million in cash on hand.
He also states that pressure from Sullivan & Crowell and the FTX US general counsel led to the naming of John Ray as CEO, potentially disrupting efforts to make affected users “substantially whole.”
Bankman-Fried denies any involvement in the allegations that Alameda, a company under the FTX umbrella, used user funds from FTX.
He asserts that he did not steal funds and that nearly all of his assets are still available to backstop FTX customers.
He even offers to contribute nearly all of his personal shares in Robinhood to customers or 100% if the Chapter 11 team would honor his D&O legal expense indemnification.
It is worth noting that the statements made by Bankman-Fried have not been independently verified, and the investigation is still ongoing.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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