Sam Bankman-Fried Breaks Silence on Twitter, Causing a Stir
Disgraced crypto entrepreneur Sam Bankman-Fried (SBF) is again attracting attention on Twitter, where he is maintaining his innocence. Observers are left with big questions, though, and a tweet from influencer Do Kwon also raises eyebrows.
Sam Bankman-Fried, or SBF, is under pressure because of the bankruptcy of his crypto exchange FTX, which left a huge hole of over 8 billion US dollars. SBF is depicted as one of the main actors in a fraud of gigantic proportions. But the case is being pursued in U.S. courts without SBF, as he lives in an extradition-free Nassau in the Bahamas. However, he seems to find time to defend himself via Twitter—two weeks after FTX’s financial crisis initially became apparent and various rumors made the rounds.
Sam Bankman-Fried Tweets Cryptically
In a series of tweets, SBF wrote that he “sincerely regrets” not focusing on risk management and customer safety. Additionally, he does not actually believe he is personally responsible for the bankruptcy of FTX. Rather, he describes the situation as a technical collapse that was made inevitable by a combination of factors. In another tweet, SBF emphasizes that he is still trying to raise funds to compensate all FTX customers. This is understood to mean that he is negotiating the sale of his stake in the trading platform Robinhood.
Do Kwon Challenges SBF on Twitter
Bankman-Fried’s statements have caused skepticism and surprise in the crypto industry. Influencer and Terra (LUNA) founder Do Kwon commented for once without derision, logically getting to the heart of the matter. Do Kwon asks SBF publicly why he never disclosed the balance sheets of FTX to disprove insolvency and additionally questions SBF’s alleged ignorance about the “borrowed” customer funds. Other Twitter voices react with irony or disappointment. Respected U.S. law professor John Reed Stark finds it unbelievable that SBF still tries to play down the fact that customer funds have disappeared from FTX.
Actors in the political and financial spheres accuse SBF not only of embezzling funds but also of skillfully manipulating to influence public opinion. They ask why SBF is not willing to explain himself before a court under oath and be cross-examined.
Conclusion: Monumental Reputation Damage
It is interesting to note that SBF does not comply with the FTX team’s urgency not to publicly comment on incompleted dealings. His tweets, mostly written around midnight local time, create an impression of desperation and lack of professional crisis management. In social networks, speculation is rife about whether SBF knows more than he admits in public. The extent to which SBF can survive this strategy in public opinion remains protected; his reputation in the crypto trustee sphere seems irreparably ruined.
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