Former FTX CEO Sam Bankman-Fried has released a ‘pre-mortem overview’ of the crypto exchange’s insolvency, denying the allegations against him.
In a post on Substack, Bankman-Fried claims that FTX US had been “fully solvent” when they filed for bankruptcy, with $350 million in cash on hand.
He also suggests that Sullivan & Crowell and the FTX US general counsel had pressured him into naming John Ray as the CEO of FTX, thus disrupting a path to making affected users “substantially whole”.
Bankman-Fried also stated that if FTX International were to reboot, there would be a real possibility of customers being made substantially whole.
Regarding the allegations that Alameda had used user funds from FTX, Bankman-Fried denied any involvement. He stated that he “didn’t steal funds, and [he] certainly didn’t stash billions away”.
He also offered to contribute nearly all of his personal shares in Robinhood to customers, or 100%, if the Chapter 11 team would honor his D&O legal expense indemnification.