{"id":29836,"date":"2023-01-13T02:46:38","date_gmt":"2023-01-13T02:46:38","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/13\/sbfs-substack-letter-leaves-crypto-community-unimpressed\/"},"modified":"2023-01-13T02:46:38","modified_gmt":"2023-01-13T02:46:38","slug":"sbfs-substack-letter-leaves-crypto-community-unimpressed","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/13\/sbfs-substack-letter-leaves-crypto-community-unimpressed\/","title":{"rendered":"SBF\u2019s Substack Letter Leaves Crypto Community Unimpressed"},"content":{"rendered":"

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The \u201cpre-mortem review\u201d of FTX\u2019s demise that former CEO<\/a> Sam \u201cSBF\u201d Bankman-Fried released as a letter on Substack on January 12 has drawn criticism from the cryptocurrency community. As Cointelegraph previously reported, SBF refuted the accusations leveled against him in the lengthy letter and insisted that FTX US had been \u201ctotally solvent\u201d when the company filed for Chapter 11 bankruptcy, with almost $350 million in cash on hand.<\/span><\/p>\n

Bankman-Fried said that when John Ray took over as CEO, FTX<\/a> International had a substantial asset base (about $8 billion).<\/span><\/p>\n

SBF\u2019s Lengthy Letter Is Unimpressed<\/b><\/span><\/h2>\n

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Bankman-Fried stated that \u201cno money was taken. As Three Arrows and other companies have this year, Alameda lost money as a result of a market crisis that it had not been appropriately hedged for.\u00a0<\/span>Unfortunately for him, SBF\u2019s \u201cpre-mortem summary\u201d didn\u2019t appear to impress the crypto community.<\/span><\/p>\n

There is no mention of the billions in \u201cloans\u201d he took out from customer funds to finance his opulent lifestyle and political contributions, according to Wall Street Silver. I\u2019m surprised that his legal team did not intervene to stop this man from speaking. \u201cSBF is sitting in his parent\u2019s house writing stack pieces blaming everyone but himself for the FTX scam,\u201d fintech researcher Peruvian Bull said. He was brilliant when he spoke to the venture capitalists, but now we\u2019re meant to think he\u2019s the most stupid CEO ever. <\/span><\/p>\n

So it appears that SBF is no longer tweeting his crimes, but rather has a new substack to document them, said appellate lawyer Michael Tex Duncan. According to a Jan. 12 Cointelegraph story, Joseph Bankman, Bankman-father, Fried has allegedly retained legal counsel while his son\u2019s criminal case proceeds forward. According to reports, Bankman gave his son advice and support about how to persuade politicians in Washington, D.C. He may now be assisting the prosecutors handling SBF\u2019s case.<\/span><\/p>\n<\/div>\n