SBF Dumping Bitcoin “Binance CEO CZ Responsible for FTX and Alameda Bankruptcy!” Said!

Cryptocurrency stock market FTXformer CEO of FTX, who was arrested in the Bahamas after the bankruptcy of FTX and subsequently placed under house arrest on bail in the US Sam BankmanFriedposted a long post on Substack.

Explaining what happened to FTX and Alameda and the reasons for their bankruptcy in this post, SBF claimed that Binance CEO CZ was also responsible for this collapse:

“The first reason FTX and Alameda went bankrupt was ‘Alameda’ numbers in 2021.

The net asset value of its balance sheet was approximately $100 billion. Net borrowing and liquidity on hand amounted to 8 billion dollars and 7 billion dollars.’

The second reason was Alameda’s failure to adequately hedge market risk. And by 2022, the stock and crypto market has lost most of its value.

The third reason was Binnace CEO CZ. In November 2022, an extreme, rapid, targeted collapse accelerated by Binance CEO bankrupted Alameda.”

As it will be remembered, CZ will be able to sell all their remaining assets at the beginning of November 2022. FTT announced that they will sell their tokens. After CZ’s statement, it was revealed that FTX was experiencing a liquidity crisis, which brought bankruptcy.

A natural consequence of the crypto crash in November crypto- SBF stated that there was no market collapse, “The collapse in November was a targeted attack on assets held by Alameda. In a few days in November, Alameda’s assets dropped roughly 50%; Bitcoin (BTC) has dropped about 15%.” said.

Also noting that FTX USA had over $350 million in net worth when John Ray took over as the new CEO of FTX and FTX went into bankruptcy proceedings, SBF said the delay in getting their money back from customers claiming their net cash was above their customer balance was “ridiculous.” ” said that.

Finally, stating that he did not steal money and certainly did not stash billions of dollars, SBF added that he plans to use almost all of his personal assets to help customers who have lost money.

“I didn’t steal funds and I certainly didn’t stash billions. Almost all of my assets were and are still available to support FTX clients.

For example, I offered to contribute almost all of my personal stake in Robinhood, or 100% if the Chapter 11 team fulfills my D&O legal expense compensation.”