Business Maverick: Bankman-Fried Says He ‘Didn’t Stash Billions’ as He Denies Theft

Prosecutors allege he’s behind one of the biggest scams in US history after fraudulently raising $1.8 billion from investors under the guise of FTX having appropriate controls and risk management. He’s also accused of misusing customer funds at FTX to cover personal expenses, real-estate purchases and trading at the now-collapsed Alameda.

By Bankman-Fried’s calculations, Alameda had $100 billion of net asset value in 2021. But he said it wasn’t hedged enough against the “risk of an extreme market crash” ahead of the deep rout that unfolded in digital assets in 2022. It ultimately tipped over when a rival’s “targeted attack” set off a run, eventually toppling FTX, he said.On Nov. 6, Changpeng ‘CZ’ Zhao, the chief executive officer of Binance Holdings Ltd.

He added that “Alameda became illiquid, FTX International did as well, because Alameda had a margin position open on FTX; and the run on the bank turned that illiquidity into insolvency.”As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash . Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.

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Once worth $26 billion, Sam Bankman-Fried says he lived on a jar of peanut butter in prison | Business Insider'I spent a while trying to see how far a jar of peanut butter could get me,' Bankman-Fried told Puck News. 'It was a little touch and go for a while.'
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Business Maverick: FTX Advisers Have Found $5 Billion Cash or Sellable CryptoFTX Group advisers have found more than $5 billion in cash or crypto assets that it may be able to sell to help repay creditors, a lawyer for the company told the judge overseeing the biggest crypto bankruptcy.
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