Testifying At The US Congress, SBF Wants To Blame Everyone Except For FTX's Bankruptcy

Sam Bankman Fried also blamed Changpeng Zhao. (photo: Doc. Trust Nodes)

JAKARTA - Former FTX CEO Sam Bankman-Fried (SBF), was arrested on Monday 12 December, a day before he would testify in front of the US Congress remotely. A copy of his testimony, obtained by Forbes, highlighted that the humiliated CEO plans to blame the spectral fall of his $32 billion job on everyone except himself.

SBF melanjutkan retorika yang sama tentang FTX.US, perusahaan saudara dari pertukaran cryptocurrency global, dalam keterangannya. Dia mengklaim bahwa entitas yang berbasis di Amerika Serikat itu masih "selengkap mampu membayar" meskipun menjadi bagian dari kejalanan Bab 11 yang diajukan pada 11 November.

"I hope I don't click the button on the DocuSign at 4:30 a.m., leaving some FTX under destructive leadership," SBF was quoted as saying by Cointelegraph.

He then blamed the inclusion of FTX.US in bankruptcy Chapter 11 on John J. Ray III, a restructuring attorney who took on the role of CEO of FTX after filing for bankruptcy. SBF claims that "American customers are protected, at least until Mr. Ray's team takes over."

Ray, on the other hand, is very critical of the former CEO of FTX and his management skills. In his testimony for the FTX investigative hearing, Ray said that over the years working as a restructuring lawyer, he had never seen the company's total control failure at any level of organization, from lack of financial reports to total failure of any internal control or governance."

In the leaked document, SBF also blamed FTX.US' entry in Chapter 11 on bankruptcy law firm Sullivan & Cromwell. While SBF himself signed the bankruptcy document, he claimed law firms pressured him to file Chapter 11 documents.

"I have 19 pages of Sullivan & Cromwell screenshots, Mr. Miller, and others that I believe are influenced by them, all of which were sent for two days, pressing me to immediately propose Chapter 11," said SBF.

The SBF also attacked general counsel FTX.US Ryne Miller. He accused Miller of being part of a enforcement group that wanted to include the US-based entity in filing for bankruptcy.

Despite Ray and his legal aid, SBF will also blame Binance CEO Changpeng Zhao for what he claims as a sustainable a month of negative PR at FTX. He claims that Binance intentionally signed an intention letter to buy FTX, but they "have never intended to finalize the deal."