FTX’s allegedly fraudulent ex-CEO Sam Bankman-Fried (SBF) started a series of tweets explaining the exchange’s fallout and an attempt to make amends in the future. As of last week, the accused entrepreneur claimed that FTX US had sufficient funds to “repay all customers.”
12) To the best of my knowledge, as of post-11/7, with the potential for errors:
a) Alameda had more assets than liabilities M2M (but not liquid!)
b) Alameda had margin position on FTX Intl
c) FTX US had enough to repay all customers
Not everyone necessarily agrees with this
— SBF (@SBF_FTX) November 15, 2022
In detail, Bankman-Fried, whose exchange has been insolvent just last week, made claims that his trading company “Alameda had more assets than liabilities M2M (but not liquid!)”. He also confirmed that “Almeda had a margin position on FTX International”.
Furthermore, SBF made a third statement saying that “FTX US had enough to repay all customers”. Immediately after, he dithered it by pointing out that “not everyone necessarily agrees with this.”
The alleged entrepreneur confessed publicly that his “one goal is to do right by his customers.” He further added:
“I’m contributing what I can to doing so. I’m meeting in-person with regulators and working with the teams to do what we can for customers.”
Last week, the FTX empire lost billions of dollars and went bankrupt after it was revealed that money from the exchange was being used to make wagers on Alameda Research, which is also managed by Bankman-Fried. The Bahamas Police Department and US officials are currently looking into FTX.
Some SBF observers and followers have speculated a suspicious pattern of the timed posts corresponding with the deleting of previous posts. For users, this reflects poorly on the alleged ex-CEO of FTX in retrospect.
A Twitter user named AltcoinPsycho tweeted saying that “If FTX US has enough to repay – why are thousands of people complaining that they haven’t received their ACH (Automated Clearing House) withdrawal?.” The user continued to say that it was “unfortunately for you – wire fraud is a hell of a charge to get hit with. Fortunately for us, that means you’re probably going to jail.”
On the other hand, HsakaTrades replied to SBF, by addressing Elon Musk to take action against the alleged FTX CEO. The tweet mentioned and warned: “can we get this account deleted before these tweets are cited in court as evidence for how this fraudulent psychopathic liar tried to do right by all the customers till the last moment.”