Disgraced FTX founder Sam Bankman-Fried (SBF) was planning to ship congressional testimony earlier than the Home Monetary Companies Committee on Tuesday concerning his alternate’s fallout.
Whereas his arrest by Bahamian regulators has put a wrench in these plans, a draft model of his ready remarks has been made public. Listed here are the highlights:.
- Per the draft report offered by Forbes, Bankman-Fried claims to have been ghosted by John Ray – FTX’s new court-appointed CEO. He believes Ray and different legislation companies managing the chapter (Sullivan and Cromwell) try to extort as many charges as potential from the method.
- Bankman-Fried echoed earlier claims that Ryne Miller – basic counsel for FTX US and a former Sullivan and Cromwell companion – pressured him into submitting FTX US for chapter, regardless of it being “absolutely solvent”.
- “I’ve 19 pages of screenshots of Sullivan & Cromwell, Mr. Miller, and others I consider had been influenced by them, all despatched over a two-day interval, pressuring me to shortly file for Chapter 11,” wrote SBF. “They vary from adamant to mentally unbalanced.”
- The alternate founder additionally accused John Ray and the U.S. chapter court docket of a type of racism in opposition to Bahamian regulators, whom he believes are being unduly criticized. “Their assumption, with out proof, of malign intent and incompetence on the a part of different races, cultures, and governments could be thought-about deeply offensive if directed at American minorities,” he stated.
- FTX lacked a danger administration crew. “Whereas FTX Worldwide had a crew devoted to financials, and to many different areas of the enterprise, it didn’t have a crew devoted to danger administration, or to consumer place monitoring,” he stated.
- He additionally doubled down on claims that Binance has orchestrated a lot of FTX’s troubles, together with a month-long damaging public relations marketing campaign in opposition to the corporate.
- Bankman-Fried dispelled reviews of hardcore partying and drug utilization within the Bahamas. He has, in actual fact, by no means been drunk in his life, and has been utilizing an antidepressant for the final decade. “I’m, and for many of my grownup life have been, unhappy,” he stated.
This text first appeared on CryptoPotato
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