Disgraced FTX founder Sam Bankman-Fried as soon as once more weighed in on the trade’s chapter debate after responding to a satire submit by an organization creditor that accused court-appointed CEO John J. Ray III of intentionally preserving a “completely solvent” platform in chapter with a purpose to generate report charges and destroy property worth.
The creditor alleged that billions in worthwhile fairness and enterprise stakes have been offered at deep reductions, and that belongings have been mishandled, clawbacks mismanaged, and subsidiaries pressured out of business with out board authority. SBF’s X account replied,
“I don’t fairly agree with each level – however, yeah, that is principally what occurred. I’m not saying FTX’s solvency or the Debtors’ mismanagement are the explanations I’m harmless (though it’s a bit of the story!). However the Debtors are nonetheless withholding funds.”
No Regret, No Accountability
His feedback instantly triggered a backlash. On-chain investigator ZachXBT responded by demanding solutions in regards to the alleged $40 million switch to Chinese language authorities that he says Bankman-Fried hid from the general public.
In the meantime, enterprise capitalist Adam Cochran said Bankman-Fried continues to point out no regret for his function within the collapse, arguing that his makes an attempt to reframe the occasions are precisely why he deserves harsh punishment and doesn’t get to rewrite historical past.
The newest episode comes simply days after a recent courtroom setback for Bankman-Fried, with judges on the 2nd Circuit in New York providing little indication they have been persuaded by his attraction claims. Throughout a listening to on Tuesday, SBF’s legal professional, Alexandra Shapiro, argued his conviction ought to be overturned as a result of the primary trial was “essentially unfair,” however the three-judge appeals panel repeatedly pushed again and questioned whether or not he had any grounds robust sufficient to overturn a jury verdict in a case involving billions in losses. Decide Barrington Parker instructed Shapiro,
“From my studying of the report, (there was) very substantial proof of guilt. Are you significantly suggesting to us that in case your shopper had been in a position to testify in regards to the function that attorneys performed in making ready these numerous paperwork, the not-guilty verdicts would have rolled in?”
SBF’s Jail Narrative
The renewed on-line combat additionally follows the sudden reactivation final month of the convicted former billionaire’s X account, which posted a 14-page doc claiming FTX was “by no means bancrupt.” He had asserted that outdoors legal professionals and political forces sabotaged a solvable liquidity crunch.
The doc insisted that the chapter property misrepresented FTX’s steadiness sheet, and that its locked portfolio in the present day can be price nicely over $100 billion. That narrative was additionally broadly rejected by consultants who stated the claims have been much like arguments the jury had already heard in 2023. The backlash then and now reveals no indicators of fading.
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