The ex-FTX CEO Sam Bankman-Fried posted a series of incoherent and questionable Twitter posts in the wake of the exchange’s collapse.
By Tolu Ajiboye
Updated
3 mins read
Following the FTX collapse, the exchange’s former CEO Sam Bankman-Fried (SBF) continues to push a questionable narrative on Twitter. In a cryptic thread, the embattled former chief executive says that the US arm of FTX had enough funds to repay all clients. As part of his seemingly incoherent rant, he seemed to undermine himself by adding “not everyone necessarily agrees.”
Bankman-Fried, who also suggested that his memory might be compromised, stated in a media session that he “could be worse”. According to the former billionaire, he merely improvised the series of cryptic tweets he had posted over the past two days. In a more recent update to the Twitter thread, Bankman-Fried also wrote that Alameda Research had more assets than liabilities. However, the former FTX boss clarified that Alameda’s assets were not liquid. Furthermore, he said that FTX’s margin position was significantly more prominent than he initially thought, amounting to billions of dollars.
The disgraced ex-FTX CEO revealed that he was spending his time playing Storybook Brawl video games to unwind and clear his mind. Declining to discuss the prospect of prison time, Bankman-Fried admitted that he wished he had taken on fewer commitments while in control of FTX. According to him, “The venture stuff was probably not really worth it given the attention it took”.
The former FTX chief executive also said he is working constructively with regulators and bankruptcy officials to cater to consumers. As SBF put it, “My goal—my one goal—is to do right by customers. And after that, investors. But first, customers”. However, Bankman-Fried did not provide further details on this. In addition, the beleaguered former CEO also declined to comment on his current location.
Although he harbors numerous regrets over the collapse of FTX, Bankman-Fried was described as “surprisingly calm” in his interview. The former MIT graduate, who also lost most of his fortune in the exchange’s collapse, said he is getting “some sleep”. Following the company’s implosion, several government agencies within and outside the US have opened investigative proceedings against FTX. These include the Securities and Exchange Commission (SEC), the US Justice Department, and the government of Bahamas, the location of FTX’s headquarters.
When asked if FTX’s collapse is mainly attributable to his overreliance on a small group of close colleagues, Bankman-Fried noted:
“Realistically speaking, I don’t think anyone can maintain close contact and close communication with more than 15 people.”
In addition, the 30-year-old investor, whose net worth once peaked at $26 billion, said he was no longer in a romantic relationship with Caroline Ellison, who is the chief executive at Alameda Research. SBF declined to comment further on their relationship status.
Upon his resignation as FTX CEO, Bankman-Fried was succeeded by John J. Ray, III.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
