Crypto neighborhood unimpressed by SBF’s prolonged Substack letter

The crypto neighborhood has voiced their opinions on former FTX CEO Sam “SBF’ Bankman-Fried’s “pre-mortem overview” of the collapse of FTX he revealed on Jan. 12 as a letter on Substack. 

As beforehand reported by Cointelegraph, SBF denied the allegations made towards him within the prolonged letter and maintained that FTX US had been “totally solvent” on the time the agency filed for Chapter 11 chapter, with roughly $350 million in money out there.

Bankman-Fried additional said that FTX Worldwide had a considerable quantity of property (roughly $8 billion) when John Ray grew to become CEO. Based on Bankman-Fried, “No funds have been stolen. Alameda misplaced cash attributable to a market crash it was not adequately hedged for–as Three Arrows and others have this yr.”

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Sadly for him, the crypto neighborhood appeared unimpressed by SBFs “pre-mortem overview.”

Wall Avenue Silver shared, “There isn’t any point out of the billions in ‘loans’ he took out from buyer cash to fund his lavish life-style and political donations. I’m shocked his authorized group has not stopped this man from speaking.”

Fintech analyst Peruvian Bull shared, “SBF is sitting in his mum or dad’s mansion writing substack articles blaming everybody however himself for the FTX fraud. He was a genius when speaking to VCs, now all of a sudden we’re purported to consider he’s probably the most incompetent CEO in historical past.”

Appellate legal professional Michael Tex Duncan commented, “So it appears to be like like SBF is not tweeting his crimes, however as a substitute has a brand new substack to element them.” 

Bitcoin (BTC) researcher Andrew Bailey commented, “SBF has a brand new Substack publish stuffed with reconstructed numbers and tables and estimates about Alameda’s closing months. I learn them. They’re a smokescreen. Clearly.”

Associated: Sam Bankman-Fried: ‘I didn’t steal funds, and I actually didn’t stash billions away’

On Jan. 12, Cointelegraph reported that Joseph Bankman, the daddy of Bankman-Fried, has reportedly employed an legal professional because the prison case towards his son strikes ahead. Bankman reportedly suggested and assisted his son on issues associated to lobbying lawmakers in Washington, D.C. and should now be cooperating with the prosecutors behind SBF’s case.

Nonetheless, It stays unclear whether or not Bankman has any prison or civil legal responsibility associated to the collapse of FTX.