Tech Analyst and CoinDesk Content Chief of Staff Pete Pachal discusses Rep. Adam Schiff’s involvement in alleged censorship of Twitter and Sam Bankman-Fried’s denial regarding the missing FTX funds.
Sam Bankman-Fried, founder and former CEO of FTX, can’t seem to resist straining his cryptocurrency exchange’s bankruptcy proceedings as he awaits trial on multiple federal charges related to the platform’s collapse.
The 30-year-old continues to tweet about what is happening while he is under house arrest at his parents’ home.
FTX founder Sam Bankman-Fried exits the courthouse following his arraignment in New York City on December 22, 2022. (Photo by ED JONES/AFP via Getty Images / Getty Images)
Bankman-Fried has refused to remain silent since the company filed for Chapter 11 bankruptcy after a proverbial run on the bank led to its demise and more than a million customers lost billions of dollars. Before his arrest, he made several public statements to media and events on Twitter, explaining his version of what led to his platform’s demise.
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After being released from prison on $250 million bail, the disgraced former chief executive picked up where he left off before his incarceration in the Bahamas, defending himself in a lengthy substack post .
Sam Bankman-Fried, the founder and CEO of FTX, on April 26, 2022 in Nassau, Bahamas. (Erika P. Rodriguez/Chicago Tribune/Tribune News Service via Getty Images/Getty Images)
But this week he took to Twitter to reiterate earlier claims and fired more shots at FTX’s new leadership along with Sullivan and Cromwell, one of the law firms representing it in the bankruptcy.
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On Tuesday, Bankman-Fried released its own balance sheet, which purportedly shows that FTX US “is solvent” and “always has been,” belying Sullivan & Cromwell’s claims to the contrary.
Then on Thursday, the FTX founder celebrated the news that the CEO who replaced him, John Ray III, is considering reopening the exchange.
“Glad to see Mr. Ray finally paying lip service to turning the exchange back on after months of thwarting such efforts!” Bankman-Fried tweeted. “I’m still waiting for him to finally admit that FTX US is solvent and give customers their money back…”
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Bankman-Fried retweeted several posts from others, agreeing with his view that Sullivan & Cromwell should not represent FTX and claiming that Sullivan & Cromwell pressured him to file for bankruptcy and appoint Ray as the new CEO.
A bankruptcy judge on Friday agreed to allow the law firm to continue representing FTX, dismissing objections raised in court.