Profile binance ceo 20b series#
On the other hand, the new FTX CEO described an astonishing level of corporate disarray with a listed series of “unacceptable management practices. Furthermore, he says the crash downed over 50% in most collateral assets, without any bid side liquidity. FTT had value in EV! But they had risk.”īankman-Fried says that the risk correlated with other collateral and the platform. Leverage built up - ~$5b of leverage, backed by ~$20b of assets…Well, they had value. He even claims the company had approximately backed its leverage with FTT, which had value. Bankman-Fried claims that FTX was handling roughly $10 billion per day of volume and billions of transfers before declaring bankruptcy, and FTX could repay its customers.
SBF’s unrealistic lamentations on Twitter “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.” In a sworn declaration submitted in bankruptcy court, John J Ray III mentioned: In addition, FTX advisers have secured $740 million of crypto in cold wallets.Īdvisers are attempting to resurrect the carcass of Sam Bankman-Fried’s FTX firm as they try to locate cash and crypto after noticing poor internal controls and record keeping. In a report from FTX’s current CEO, he claims that cash wasn’t centrally managed and only $560 million was found.
Sam Bankman-Fried claims his firm had several presumed assets that could repay all customers, but not everybody conforms with him. Amid the FTX insolvency and SBF’s woes, some tweets from his official Twitter account don’t seem to add up to data getting discovered by the current FTX CEO, John J Ray III.
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