Sam Bankman-Fried Proclaims Innocence, Blames Law Firm for FTX Collapse

Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has proclaimed his innocence in a recent interview from the Manhattan Detention Center. In a 45-minute conversation with AR Hoffman of The New York Sun, Bankman-Fried maintained that FTX was solvent in November 2022 and blamed the law firm Sullivan & Cromwell for the collapse.

Bankman-Fried, who is serving a 25-year sentence for fraud, stated, “There were enough assets to pay all customers back in full.” He also expressed regret over backing down in November 2022, saying, “The biggest mistake I made was backing down in November 2022.”

Accusations of Bias and Pardon Bid

Bankman-Fried accused Judge Kaplan of bias, stating, “Kaplan allowed the prosecution to tell the jury that everyone had lost all their money, but then disallowed the defense from addressing that.” He also expressed his desire for a pardon from former President Trump.

Bankman-Fried’s comments come as FTX’s bankruptcy estate has reached $15 billion, supporting his claim of solvency. However, the repayment process has been delayed due to ongoing legal battles, including a $1.8 billion lawsuit from Binance.

Context of FTX’s Fall and Bankman-Fried’s Sentencing

Bankman-Fried was convicted in 2023 after FTX and Alameda Research lost billions of dollars. In the interview, he reflected on his shifting politics, from supporting Biden in 2020 to Republicans in 2022, and criticized the administration’s crypto policy as “incredibly destructive.”

Bankman-Fried also tied his case to the turmoil within the Department of Justice, noting the exit of Danielle Sassoon. He expressed regret over losing billions of dollars that he had planned to use for altruistic purposes.

What’s Next for Bankman-Fried?

When asked about his plans if he were to be freed, Bankman-Fried said, “It’s hard to say. Right now, I have 25 years ahead of me, and I try not to think too much about the future because it’s out of my control. If my appeal is successful, I’d think hard about how I could be productive again.”

For more news on the cryptocurrency market, stay updated with Global Crypto News.

Some key points to note from Bankman-Fried’s interview:

  • Bankman-Fried claims FTX was solvent in November 2022 and blames Sullivan & Cromwell for the collapse.
  • He accuses Judge Kaplan of bias and seeks a pardon from former President Trump.
  • FTX’s bankruptcy estate has reached $15 billion, but repayment is delayed due to ongoing legal battles.
  • Bankman-Fried reflects on his shifting politics and criticizes the administration’s crypto policy.

Bankman-Fried’s case highlights the complexities of the cryptocurrency market and the need for transparency and accountability. As the FTX saga continues to unfold, it’s essential to stay informed about the latest developments and their implications for the crypto industry.

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