SBF wanted to blame everyone except himself, according to leaked testimony before Congress


SBF accused the current CEO, his legal counsel, the law firm he hired for a bankruptcy, and CZ, the CEO of Binance, without admitting any wrongdoing on his side.

Sam Bankman-Fried, commonly known as SBF, was detained on December 12, a day before he was scheduled to testify electronically before Congress. A copy of his statement acquired by Forbes reveals that the disgraced CEO intended to blame everyone except himself for the impending collapse of his $32 billion enterprise.

In his testimony, SBF maintained the same tone about FTX.US, the sister firm of the worldwide bitcoin exchange. He said that the United States-based firm was “completely solvent” despite having filed for Chapter 11 bankruptcy on November 11. 

The inclusion of FTX.US in the Chapter 11 bankruptcy was subsequently attributed to John J. Ray III, a restructuring attorney who took the job of FTX CEO following the bankruptcy filing. SBF said that American consumers were safeguarded until Mr Ray’s team assumed control.

In contrast, Ray has been quite critical of the previous CEO of FTX and his managerial abilities. Ray stated in his testimony for the FTX investigation hearing that in all his years as a restructuring attorney.

In the leaked paper, SBF also criticized the bankruptcy law firm, Sullivan & Cromwell, for the inclusion of FTX.US in Chapter 11. While Bankman-Fried signed the bankruptcy paperwork voluntarily, he claimed that the legal firm urged him to file Chapter 11 proceedings.

SBF also targeted Ryne Miller, the general counsel for FTX.US, claiming he was a member of the pressure group that sought to include the U.S.-based firm in the bankruptcy petition.

In addition to Ray and his legal team, SBF planned to accuse Binance CEO Changpeng Zhao of “a month of persistent bad PR on FTX.” He said that Binance knowingly signed the letter of intent to acquire FTX, but “never meant to complete the transaction.”

Also Read: Cumberland anticipates brighter times for crypto in 2023 

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