What happened? Sam Bankman-Fried in his own words on FTX – BNB (BNB/USD), Ethereum (ETH/USD)

At this point, you’ve probably absorbed more than enough information about the infamous hero of Web3, both directly and indirectly, Sam Bankman-Fried (SBF) and his currently bankrupt business, ftx ftt/usd and its sister company, Quantitative Trading Firm Alameda Research, Yet the story continues beyond the investigations being conducted by the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ).

new ftx ceo John Jay Ray IIIBankman-Fried, who was hired last week after FTX declared bankruptcy, wrote in a statement, “Never in my career have I come across such a complete failure of corporate controls and a complete absence of reliable financial information.” From compromised system integrity and flawed regulatory oversight overseas, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.

Stories like FTX/SBF are discussed on Benzinga’s crypto: open mic Panel discussion series on Twitter Spaces. The space featured industry leaders and experts who will be appearing at the Future of Crypto Summit on December 7th in NYC.

Unfortunately, this debacle has been painful for the larger crypto world. In the week since the FTX disclosure, Gemini has net outflows of $682 million. Crypto.com released a snapshot of its reserves, and instead of praising its transparency, users questioned the transfer of $400 million in Ethereum ETH/USD which seemed to be a wrong address.

solana SOL/USD There has been a lot of damage since the FTX disclosure. At the time of writing, SOL token has lost 95% of its value, down from $13 to $259.96. binance bnb/usdThe world’s largest cryptocurrency exchange temporarily suspended USDT and USDC deposits on Solana, although trading resumed after a few hours.

Binance formed a crypto industry recovery fund to help other blockchain projects weather the storm. Founder and CEO of Binance changpeng zhao Tweeted“To mitigate further negative effects of FTX, Binance is creating an Industry Recovery Fund to help projects that are otherwise strong but in liquidity crunch. More details to come soon.”

Benzinga has been covering the latest developments since the SBF story broke, and given the depth of coverage the events have already been given, he takes a look at SBF’s perspective through several direct comments during the FTX meltdown Is. These have all appeared on social media, whether SBF intended them to or not. He clearly knows that the web3 world is listening, so let’s take a look at some collected comments from the man behind the disaster.

November 10, 2022

Coby Coby, co-host of the podcast Uponlytv, posted the first leaked Slack posts from FTX. At this point, we can see that Bankman-Fried is relatively relaxed. He apologizes to his employees and announces his intention to do a new round of fundraising. This is the apparently “good” version of SBF that the public saw during its rise to prominence.

The customer is called #1 here, but no time is given to explain what is at stake for their customer and what the extent of the loss is. It seems to be a rehearsal for their public in a way Statement was made the same day, which was also preceded by an apology but moved away from the original plans.

Nov 15, 2022 – SBF slams Twitter trolls, “mob mentality”

This week, over the course of 24 hours, the SBF tweeted a series of single letters that read side by side, “What happened.”

A provocative question considering that more than one million account holders are owed money by FTX, which has filed for bankruptcy protection.

If a bit of Twitter trolling sounds tone-deaf to someone suspected of misbehavior with other people’s money, an anonymous employee on FTX Slack felt the same way and said so shortly after the above tweets.

In two screengrabs, purportedly from FTX Slack, and provided to the Twitter account @AutismCapital An anonymous employee asked in apparent dismay: “Why is Sam trolling Twitter like it’s not a serious situation?”

Bankman-Fried responded: “I’m sorry! Maybe it’s wrong. I took that approach because something needed to be done to break the mob mentality, but I’ll likely be more forthright going forward.”

It is questionable which “mob mentality” the SBF was referring to – perhaps a reaction from those who have been hurt financially by FTX. Another FTX employee also had an opinion about SBF’s attitude.

“Sam, respectfully, this is not helping. Nothing broke with the mob mentality. In fact, your tweets have made people more paranoid that when people’s lives have been destroyed, you have some cryptic tweeting to do.” had the audacity of

“You tweeted ‘what happened’ in 10 tweets spread over 24 hours, adding to everyone’s anxiety about losing money.”

16 November

It’s unclear who around SBF is on the payroll, but it appears that no one in her inner circle stopped her from recently doing an interview with Vox that put her in a less-than-favorable light. .

Excerpts include the SBF’s candid feelings on ethics:

vox reporter, kelsey piperSBF asked:

“So, that morality stuff – mostly a front? People will love you if you win and hate you if you lose and it really works like that?

SBF: “Yeah. I mean it’s not ‘all’ but it’s a lot. The worst quadrant is ‘sketchy + low’. The best is ‘win +???.’ ‘clean + lose’ is bad, but not terrible.

An article published in The New Yorker less than 3 months ago links SBF to the Center for Effective Philanthropy. SBF discusses with the reporter how it would like to give away all its money, at least at the rate of $1 billion/year, if it can find the right charity.

Perhaps the SBF will have time to find the right charities to support – most likely through volunteerism.

The SBF’s recent support for a clear regulatory framework for crypto also appears to be less than sincere.

The SBF simply said: “F**k regulators. They screw everything up. They don’t protect customers at all.”

In December 2021 and February 2022, Bankman-Fried testified to congressional committees and met with regulators. In its February statement, SBF said: “FTX is committed to improving not only the lives of our customers through superior products, but also the lives of the wider global community.”

SBF will likely be invited again to speak before Congress. The House Committee on Financial Services recently announced hearings for December to investigate the FTX collapse.

The official FTX account states: “Mr. Bankman-Fried has no ongoing role with @FTX_Official, FTX US, or Alameda Research Ltd. and does not speak on their behalf.

Bankman-Fried is a declarative consequentialist – a system of beliefs that suggests you should decide whether an action is right based on its consequences. A more general way of putting it is, “the ends justify the means.”

What was criticized as a whitewashed interview with the New York Times a few days ago was harmonious and still “on-message” the same disturbing, charmingly eccentric, young, thoughtful, talented, man-boy whose He is played through his rise to stardom. But even in the NYT interview, SBF wasn’t entirely critical.

It appears that Bankman-Fried has entered the quadrant he mentioned in his Vox interview as the least desirable – “sketchy + looser.” It should be noted that in his NYT interview, the founder of FTX said that he sleeps well.

*Cover modified from image by Gerd Altmann from Pixabay.

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