SBF Blames Antisemitism and Ex-Girlfriend For FTX’s Collapse In Congressional Testimony

December 13, 2022 2:41 pm Comments

Yes, you read that headline correctly.

FTX founder Sam Bankman-Fried was arrested by the Bahamas Royal Police Force on Monday after the US government filed charges against SBF.

Due to his arrest, he was unable to testify before Congress, but Forbes was able to obtain a copy of his planned statements before congress and the content of SBF’s speech shows he has no remorse but rather he is blame-shifting FTX’s downfall on others.

SBF’s speech stated Antisemitism is a big reason why he is facing so much scrutiny and Caroline Ellison’s handling of Almeda is also a reason for FTX’s demise.

Other users are blaming antisemitism for SBF’s arrest too:

The Daily Mail dropped these details:

FTX founder Sam Bankman-Fried is fighting extradition from The Bahamas after showing up to court in Nassau with his Stanford law professor parents and a police escort.

Bankman-Fried is accused of defrauding investors out of $1.8billion by having them put their money on his crypto trading platform, FTX. The platform collapsed in November after Bankman-Fried filed for bankruptcy.

Federal prosecutors in New York and the SEC both say Bankman-Fried used the platform as a ‘personal piggy bank’ to fund a lavish lifestyle and make whopping political donations. He’s been hit with eight counts of various fraud and money laundering charges and now faces 155 years in prison.

He maintains that he did nothing of the sort, and was going to tell Congress today that he could repay all of the people who have lost money ‘tomorrow’ if his assets were unfrozen, despite previously filing for bankruptcy.

Prosecutors in The Bahamas today argued that he should not be granted bail, insisting that he was a flight risk. He is in court currently in a blue and white shirt, and is not wearing handcuffs.

Forbes obtained a written copy of the testimony he was expected to give.

It began: ‘I would like to start by formally stating under oath: I f****d up. I know that it doesn’t mean much to say that I’m sorry. And so I’m dedicating as much of myself as I can to do the right thing by customers.

‘When all is said and done, I’ll judge myself primarily by one metric: whether I have eventually been able to make customers whole. If I fail our customers in this regard, I have failed myself.’

‘To the best of my knowledge, FTX US has been and remains solvent, and could pay all of its customers in full tomorrow… unfortunately, the Chapter 11 team has frozen the FTX US exchange, blocking customers access to their account information and funds’
But over the next 18 pages, he blamed anti-Semitism, lawyers and even his own ex-girlfriend for the breakdown of his company.

He maintains that his business – at least the American branch of it – is still solvent.

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