At the moment this article is being written, there are a total of eighteen threads on Twitter that were started two days ago by the founder and CEO of the insolvent and bankrupt exchange FTX.
The first nine tweets in the thread were dedicated to him spelling out “What HAPPENED,” then he followed it up by saying: “[NOT LEGAL ADVICE. NOT FINANCIAL ADVICE. THIS IS ALL AS I REMEMBER IT, BUT MY MEMORY MIGHT BE FAULTY IN PARTS.]”
Sam Bankman-Fried has indicated that he will eventually discuss what happened. But for the time being, he wanted to discuss the current state of affairs. As of post-11/7, to the best of the knowledge of the disgraced former crypto billionaire, the following may or may not be true: a) Alameda had more assets than liabilities M2M (but was not liquid!), b) Alameda held a margin position on FTX Intl, and c) FTX US had enough to reimburse all clients.
He proceeded to say that:
“My goal—my one goal—is to do right by customers. I’m contributing what I can to doing so. I’m meeting in-person with regulators and working with the teams to do what we can for customers. And after that, investors. But first, customers.”
Bankman-Fried said he and his business were safe from the crypto market crash this year. However, the wipeout throughout the industry has proven to be highly detrimental to his businesses.
FTX may have more than a million creditors, according to a latest bankruptcy petition filed yesterday. As of this week, FTX intends to provide a list of the 50 biggest ones.
According to SBF’s tweets, FTX has been in touch with “ots of U.S. and international authorities during the last 72 hours. These authorities include the U.S. Attorney’s Office, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
