Just In: Binance CEO's targeted crash made Alameda insolvent, claims SBF
The former CEO said he would give nearly all his personal assets to FTX International customers
The founder of the bankrupt crypto exchange – Sam Bankman-Fried aka SBF – has released a post-mortem on the FTX-Alameda collapse. The former CEO has listed the combination of three important events that led to its. And, the last one directed the blame on the CEO of Binance – Changpeng Zhao aka CZ. According to Bankman-Fried, the first event was Alameda’s numbers in 2021. Its balance sheet had a net asset value of nearly $100 billion. Whereas net borrowing and liquidity on hand stood at $8 billion and $7 billion. The second event was the investment arm’s failure to “sufficiently hedge its market exposure”. And, through 2022, the stock and crypto market lost a majority of its value.
Furthermore, SBF stated that FTX US had a net cash of over $350 million when John Ray stepped in as the CEO and the exchange entered bankruptcy proceedings. He claimed that the net cash surpassed customer balances, adding that the delay in customers gaining back their funds was “ridiculous”.SBF to distribute personal funds to customers
The former CEO also claimed that he has “offered” all his Robinhood shares to customers, adding that it would have been 100% if the bankruptcy team took on the D&O legal expense indemnification.“FTX International has many billions of dollars of assets, and I am dedicating nearly all of my personal assets to customers.”Subscribe to get it daily in your inbox.
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