Crypto community unimpressed by SBF’s lengthy Substack letter
The crypto group has voiced their opinions on former FTX CEO Sam “SBF’ Bankman-Fried’s “pre-mortem overview” of the collapse of FTX he revealed on Jan. 12 as a letter on Substack.
— SBF (@SBF_FTX) January 12, 2023
As beforehand reported by Cointelegraph, SBF denied the allegations made in opposition to him within the prolonged letter and maintained that FTX US had been “totally solvent” on the time the agency filed for Chapter 11 chapter, with roughly $350 million in money obtainable.
Bankman-Fried additional said that FTX Worldwide had a considerable quantity of belongings (roughly $8 billion) when John Ray grew to become CEO. In response to Bankman-Fried, “No funds have been stolen. Alameda misplaced cash as a result of a market crash it was not adequately hedged for–as Three Arrows and others have this yr.”
Cointelegraph reached out to a white-collar felony lawyer and companion at Stakoe Partnership Solicitors, Richard Cannon, who shared his views on SBF’s “pre-mortem overview.” In response as to whether Bankman Fried’s legal professionals accepted this, Cannon shared; “I don’t assume this is able to have been performed with the approval of his legal professionals. Any pre-trial assertion made with their approval would almost certainly come by way of them.”
Cannon added:
“He’d higher get it proper as a result of every part he says and has mentioned can be utilized in opposition to him in his felony trial.”
Sadly for Bankman Fried, the crypto group appeared unimpressed by his “pre-mortem overview.”
Wall Road Silver shared, “There is no such thing as a point out of the billions in ‘loans’ he took out from buyer cash to fund his lavish life-style and political donations. I’m shocked his authorized crew has not stopped this man from speaking.”
SBF launched a Substack article along with his model of occasions.
There is no such thing as a point out of the the billions in “loans” he took out from buyer cash to fund his lavish life-style and political donations.
I’m shocked his authorized crew has not stopped this man from speaking. pic.twitter.com/8hTFgRhXva
— Wall Road Silver (@WallStreetSilv) January 12, 2023
Fintech analyst Peruvian Bull shared, “SBF is sitting in his dad or mum’s mansion writing substack articles blaming everybody however himself for the FTX fraud. He was a genius when speaking to VCs, now all of a sudden we’re presupposed to consider he’s probably the most incompetent CEO in historical past.”
SBF is sitting in his dad or mum’s mansion writing substack articles blaming everybody however himself for the FTX fraud.
He was a genius when speaking to VCs, now all of a sudden we’re presupposed to consider he is probably the most incompetent CEO in historical past.https://t.co/BHwf7opIA2
— Peruvian Bull (@peruvian_bull) January 12, 2023
Appellate legal professional Michael Tex Duncan commented, “So it appears to be like like SBF is now not tweeting his crimes, however as a substitute has a brand new substack to element them.”
So it appears to be like like SBF is now not tweeting his crimes, however as a substitute has a brand new substack to element them.
Certain he can confess to issues greater than 280 characters at a time, but when they’re like me, I might wager the FBI brokers on the case are nonetheless irritated about having to enroll in it.
— Michael Tex Duncan – https://put up.information/texduncan (@texduncan) January 12, 2023
Bitcoin (BTC) researcher Andrew Bailey commented, “SBF has a brand new Substack put up stuffed with reconstructed numbers and tables and estimates about Alameda’s remaining months. I learn them. They’re a smokescreen. Clearly.”
SBF has a brand new Substack put up stuffed with reconstructed numbers and tables and estimates about Alameda’s remaining months. I learn them.
They seem to be a smokescreen. Clearly.
— Andrew M. Bailey (@resistancemoney) January 12, 2023
Associated: Sam Bankman-Fried: ‘I didn’t steal funds, and I definitely didn’t stash billions away’
On Jan. 12, Cointelegraph reported that Joseph Bankman, the daddy of Bankman-Fried, has reportedly employed an legal professional because the felony case in opposition to his son strikes ahead. Bankman reportedly suggested and assisted his son on issues associated to lobbying lawmakers in Washington, D.C. and will now be cooperating with the prosecutors behind SBF’s case.
Nevertheless, It stays unclear whether or not Bankman has any felony or civil legal responsibility associated to the collapse of FTX.
