Former FTX CEO Sam Bankman-Fried, also known as SBF, was arrested on Dec 12, a day before he was set to testify before Congress remotely. A copy of his testimony, obtained by Forbes, highlights that the disgraced CEO planned to blame the spectral downfall of his $32 billion empire on everyone but himself.
SBF continued the same rhetoric about FTX.US, the sister company of the global cryptocurrency exchange, in his testimony. He claimed that the United States-based entity was still “fully solvent” despite it being a part of the Chapter 11 bankruptcy filed on Nov. 11. Bankman Fried wrote:
“I wish I had not clicked on a button on Docusign at 4:30 am, leaving some of FTX under destructive leadership,”
He went on to blame the inclusion of FTX.US in the Chapter 11 bankruptcy on John J. Ray III, a restructuring lawyer who assumed the role of FTX CEO after the bankruptcy filing. SBF claimed that “American customers were protected, at least until Mr. Ray’s team took over.”
Ray,…
