Disgraced cryptocurrency CEO Sam Bankman-Fried launched a publication Thursday in his newest try to defend himself.
Bankman-Fried, founding father of the now-bankrupt crypto trade FTX, wrote on his new Substack, “I didn’t steal funds, and I certainly didn’t stash billions away.”
The 30-year-old govt was charged in December with main “one of the biggest financial frauds in American history.” He posted $250 million bail and was positioned below home arrest at his dad and mom’ dwelling within the San Francisco Bay Area.
According to prosecutors, Bankman-Fried used buyer funds from FTX to finance the crypto hedge fund Alameda Research. Alameda made a collection of high-risk bets that failed, all whereas Bankman-Fried and his buddies spent the cash on luxurious properties and political donations, investigators mentioned.
Bankman-Fried claimed in earlier interviews and once more in Thursday’s publish that he was not answerable for Alameda, as prosecutors allege, and the corporate went bankrupt solely due to crypto market crashes. He mentioned Alameda’s chapter then roped in FTX, just like earlier crypto collapses within the interconnected business.
“Alameda lost money due to a market crash it was not adequately hedged for — as Three Arrows and others have this year,” he wrote within the publish. “And FTX was impacted, as Voyager and others were earlier.”
It’s unclear if the publish was the primary in a collection or a one-off breakdown. Legal specialists have mentioned Bankman-Fried can be sensible to clam up, however he wrote Thursday that “I have a lot more to say.”
Source: www.bostonherald.com”