In this video, Mark Moss explains FTX founder Sam Bankman-Fried denies stealing user funds and repeats claims of solvency in new post.
SBF Refuses To Admit Any Guilt | FTX News Update
FTX co-founder Sam Bankman-Fried denied federal allegations that he misappropriated $8 billion in customer assets, months ahead of his federal trial on fraud, money laundering and campaign finance charges.
Bankman-Fried repeated several claims that bankruptcy officials and federal regulators have denied or contradicted, including that FTX US remains solvent and that the collapse of his hedge fund Alameda Research was due to broader market turbulence. The 30-year-old’s New York federal trial will begin in October.
In a Thursday morning Substack post, FTX co-founder Sam Bankman-Fried denied allegations that he stole billions in user funds and suggested that Binance CEO Changpeng “CZ” Zhao conducted a months long effort to bring down FTX.
It is Bankman-Fried’s first significant response to federal allegations that he directed an $8 billion fraud that destroyed his $32 billion crypto conglomerate. Earlier this month, Bankman-Fried pleaded not guilty to eight federal charges including fraud and money laundering, and was released on a $250 million recognizance bond. His trial will begin in October. Bankman-Fried is the subject of complaints from the Securities and Exchange Commission and the Commodity Futures Trading Commission as well.
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