Sam Bankman-Fried Denies Stealing Funds in New Online Post
FTX founder Sam Bankman-Fried gave his take on what happened to his bankrupt crypto exchange in a lengthy new post on Substack published Thursday.
In it, he denied stealing funds and claimed the reason for FTX’s and sister company Alameda’s collapse was the crypto market meltdown and inadequate hedging on Alameda’s part.
“I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried wrote. Later in the post, he concluded that “Alameda lost money due to a market crash it was not adequately hedged for.”
He also said he plans to use nearly all his personal assets to help customers who lost money.
Bankman-Fried faces federal fraud charges and is currently out on bail at his parents’ home in California. He has pleaded not guilty.
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