FTX’s ex-CEO Sam Bankman Fried claims Alameda had more assets than liabilities just a few days before bankruptcy filing News ▸ US ▸ FTX ▸ Bankruptcy
FTX’s ex-CEO Sam Bankman Fried claims Alameda had more assets than liabilities just a few days before bankruptcy filing
Sam Bankman-Fried maintains that FTX US had enough money to repay all customers as of Nov. 7.
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Updated: Sep. 20, 2023 at 1:49 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ex-FTX CEO Sam Bankman Fried said in a recent tweet that Alameda had more assets than liabilities as of Nov. 7, just a few days before it filed for bankruptcy, but noted that the assets were not liquid.
Bankman-Fried maintains that FTX US had enough money to repay all customers as of Nov. 7. He also noted that Alameda held a margin position in FTX International.
12) To the best of my knowledge, as of post-11/7, with the potential for errors:
a) Alameda had more assets than liabilities M2M (but not liquid!)
b) Alameda had margin position on FTX Intl
c) FTX US had enough to repay all customersNot everyone necessarily agrees with this
— SBF (@SBF_FTX) November 15, 2022
The recent tweet still raises many questions about how FTX handled users’ funds. One Twitter user mentioned Alameda holding margin positions with user funds.
The ex-CEO started the Twitter thread with the word “what” followed by a series of cryptic one-letter tweets that ultimately spelled out “HAPPENED.” One Twitter user speculated that this could be an attempt by Bankman-Fried to plead insanity if ever brought before a court.
Looks like someone’s planning an insanity defense https://t.co/VIZGrN1NGv
— Alex Berenson (@AlexBerenson) November 14, 2022
In an interview with The New York Times, Bankman-Fried explained his cryptic tweets as follows:
“I’m making it up as I go,” and the series of tweets is “going to be more than one word.”
Looks like someone’s planning an insanity defense https://t.co/VIZGrN1NGv
— Alex Berenson (@AlexBerenson) November 14, 2022
Bankman-Fried stepped down as CEO when his companies filed for bankruptcy but will assist with the transition to John Ray’s leadership.
Bankman-Fried’s crypto trading firm and FTX US, the company’s U.S. subsidiary, are among 130 firms involved in the bankruptcy proceedings.
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.