Its your time to VOTE

Call Us : 855-546-0938 |

Home News Dem Mega-Donor SBF Cries – Blames Others for FTX Collapse In Prepared Testimony

Dem Mega-Donor SBF Cries – Blames Others for FTX Collapse In Prepared Testimony

Dem Mega-Donor SBF Cries – Blames Others for FTX Collapse In Prepared Testimony

( – In prepared testimony delivered to the House Financial Services Committee on Tuesday, Bankman-Fried wrote:

“I f*@$ed up. I know that it doesn’t mean much to say that I’m sorry. And so I’m dedicating as much of myself as I can to doing right by customers.”

The disgraced former FTX CEO Sam Bankman-Fried complained about the decline in his net worth.

He pointed the finger at others for the demise of FTX.

He said:

“Last year, my net worth was valued at $20b.

Today, I would be wrong to say that I have nothing: I have a loving family, and food on my plate, and that’s more than life has given billions of people.

But last I saw, I believe my bank account had about $100k in it. I don’t know for sure, because I have been denied access to many of my own personal passwords, data, documents, and accounts.

As of today, I and many other members of FTX International’s former management team are missing access to key data–data that could help inform customers, inform the Chapter 11 team’s decisions, and inform foreign regulators looking after FTX International.

Nearly all of this data is held by the Chapter 11 team.”

The current FTX CEO, John Ray, overseeing the company’s bankruptcy, was then criticized by the former FTX CEO for failing to cooperate with him.

“I have sent Mr. Ray five emails,” he wrote. The he continued saying, “Mr. Ray has never replied or attempted to contact me in any other way to communicate.”

Lawfirm Sullivan & Cromwell, as well as other executives, came under fire from Bankman-Fried for forcing FTX into Chapter 11 bankruptcy protection, which SBF believes was a mistake.

Then he lamented that a rival digital currency exchange, Binance, had caused “a month of sustained poor PR on FTX, mostly generated by the firm.”

He added that Changpeng Zhao, CEO of Binance, “initiated” a “run on the bank.”

Zhao announced that Binance would sell significant amounts of its FTT token. This cryptocurrency token is held mainly by FTX.

Bankman-Fried stated, “there is much more to say about Binance, its role in the cryptocurrency ecosystem, and its relationship with FTX, but this is not the place nor the time for it.”

This is after naming Binance as one of the primary catalysts for the collapse of FTX.

“The failure of FTX, in contrast, was primarily attributed to “grossly untrained and unsophisticated employees who failed to install any controls,” according to Ray.

Copyright 2022,