SBF Publishes Newsletter, Discusses Fall of FTX, Alameda Research

• Sam Bankman-Fried (SBF), the former CEO of FTX, has started a Substack newsletter and published his first post about the fall of FTX and Alameda Research, the quantitative trading firm he founded in 2019.
• The post maintains that an “extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent” and emphasizes that SBF did not steal any customer funds.
• SBF believes that three factors contributed to the fall of FTX and Alameda, including Alameda’s balance sheet swelling and Alameda’s failure to “sufficiently hedge its market exposure”, and that the final nail in the coffin for FTX was driven by Binance CEO Changpeng ‚CZ‘ Zhao.

Sam Bankman-Fried (SBF) has been in the public eye ever since his arrest and initial court appearances before a Southern District of New York judge. To address the allegations and public scrutiny, SBF has taken to the internet to express his thoughts and opinions regarding the situation. On January 12, 2023, SBF began a Substack newsletter called “SBF’s Substack” and published his first post about the fall of FTX and Alameda Research, the quantitative trading firm he founded in 2019.

In the post, SBF maintains that an “extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent” and emphasizes that he did not steal any customer funds. The former FTX executive also believes that three factors contributed to the fall of FTX and Alameda, including Alameda’s balance sheet swelling, Alameda’s failure to “sufficiently hedge its market exposure”, and the final nail in the coffin for FTX driven by Binance CEO Changpeng ‚CZ‘ Zhao. SBF also conducted a one-on-one interview at his home in Palo Alto with Puck News reporter Theodore Schleifer.

In the interview, SBF stated that he was “disappointed” with the way things unfolded and that he “made a lot of mistakes” while he was CEO of FTX. He also mentioned the “collateral damage” of the situation, including his former co-workers, ex-Alameda CEO Caroline Ellison and FTX co-founder Gary Wang, who have made allegations against him.

While SBF awaits his trial, he has taken up the hobby of playing video games and blogging about it on his Substack newsletter. He continues to maintain his innocence and is looking forward to the day when he can move on from this situation. Regardless of the outcome of the trial, SBF’s case is sure to have a lasting impact on the crypto industry and on the future of FTX.