Sam Bankman-Fried, a troubled cryptocurrency trader and co-founder of FTX, laid out his side of the story on Thursday in a blog post and insisted that he did not ‘steal’ the money.
‘I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilizable to backstop FTX customers,’ wrote Banman-Fried in the highly unusual post.
The former billionaire claimed that Alameda’s demise was caused by its failure to protect itself against a ‘extreme’ slump in the cryptocurrency markets.
‘Alameda failed to sufficiently hedge its market exposure. Over the course of 2022, a series of large broad market crashes came–in stocks and in crypto–leading to a ~80% decrease in the market value of its assets.’
The 30-year-old also added that he had a lot more to say on the topic but this was a start.
‘I have a lot more to say about why Alameda failed to hedge, what happened with FTX US, what led to the Chapter 11 process, S&C, and more. But at least this is a start.’
Post Your Comments