Sunday, 1 October 2023

Business News

FTX’s Sam Bankman-Fried sent doc to influencer Tiffany Fong

FTX's Sam Bankman-Fried sent doc to influencer Tiffany Fong

In a rambling 250-page document penned during his house arrest, Sam Bankman-Fried came to a conclusion: “I’m broke, wearing an ankle monitor and one of the most hated people in the world.”

The 15,000 word self-reflection is formatted into a series of Twitter posts—though the site is now known as X—and was written while the FTX founder was on house arrest at his parent’s home in Palo Alto.

The cryptocurrency exchange founder wrote the piece—complete with links to music videos from the likes of Rihanna, Katy Perry and Alicia Keys—before his bail was rescinded and he was ordered to report to federal prison on Aug. 11.

Bankman Fried has pled not guilty to charges brought by the U.S. Department of Justice alleging misappropriation of customer funds from the collapsed crypto exchange FTX for the purposes of its affiliated trading firm, Alameda Research.

Further charges—which Bankman-Fried also denies—were brought in March, including conspiracy to commit money laundering, unlawful political contributions, and bribing a Chinese official.

The new documents, in which Bankman-Fried attempts to unpick and justify the near-$9 billion implosion of FTX, were sent to social media cryptocurrency influencer Tiffany Fong.

Fong, who has previously released interviews with Bankman-Fried, gave the documents to The New York Times, telling the publications she believes she was given the file because she didn’t work for anybody and could draw her own conclusions from the account.

Fong said she had lost money herself in the $5 billion collapse of Celsius Network and empathized with those who had lost money to FTX—adding she was skeptical about Bankman-Fried’s claims.

Fong has been approached by Fortune for comment.

In the excerpts detailed in the Times report, Bankman-Fried paints a remorseful figure, weaving childhood memories and mathematical equations into the account.

Having criticized members of his close circle the 31-year-old, due to go on trial in March next year, said ultimately “the truth is that I did what I thought was right.”

Representatives for Bankman-Fried did not immediately respond to Fortune’s request for comment.

‘Being exes didn’t help’

Bankman-Fried also made a series of claims about his former girlfriend, Alameda CEO Caroline Ellison, in the documents seen by the Times.

Among the accusations is that Ellison—who has pleaded guilty to seven charges related to fraud and…

Click Here to Read the Full Original Article at Fortune | FORTUNE…