Former FTX CEO Sam Bankman-Fried (SBF) has lost almost all of his fortune. Now, he says he’s about to unravel exactly what’s happening on the crypto exchange. SBF ended a day-long cryptic tweet thread by citing standard disclaimers and poor memory. The problem is that the community still doesn’t fully understand what these mean.
Former FTX CEO made some interesting posts on Twitter
Sam Bankman-Fried said he was “improvised” in a series of cryptic tweets on Monday and Tuesday, just days after crypto exchange FTX crashed. The tweets make fun of him that he’s about to explain exactly what’s going on at the company. SBF started its series with “What happened”, and in a tweet that followed, “It’s not legal advice. Not financial advice. “That’s all I remember, but my memory may be faulty in some places,” he said.
SBF posted the tweets at intervals of several hours. In the most recent tweet, released on Tuesday morning, he said, “I’ll come to what happens. But for now, let’s talk about where we are today,” he wrote.
11) I'll get to what happened. But for now, let's talk about where we are today.
— SBF (@SBF_FTX) November 15, 2022
Meanwhile, Bankman-Fried tweeted on Friday that he plans to share extensively on what happened at FTX. In this regard, he shared the following:
I’m putting all the details together. However, I was shocked to see that things were unraveling as earlier this week. I will write a more complete post about the game soon. But when I do, I want to make sure I understand it correctly.
Despite the mystery and intrigue revealed by a series of tweets, one person who commented on a Reddit post on the subject by applying Occam’s razor shared the view that it was an attempt to troll the community. In this regard, he said:
I don’t believe he did this to claim mental illness in court or to hack as others have suggested. He is doing this deliberately to troll people. This clearly shows that he has no remorse…
Sam Bankman-Fried: It could have been worse!
SBF lost almost all of its fortune last week. Also, two companies he co-founded, trading firm Alameda Research and cryptocurrency exchange FTX filed for bankruptcy. Bankman-Fried told the NYT on Sunday that he’s coped better than expected since FTX collapsed. She told the broadcast, “You would think right now I would never sleep. I take some instead. It could have been worse,” he said.
He added that he continues to play the Storybook Brawl video game, though not as much as usual. In the broadcast, he said the game was ’emptying his mind’. During the interview with the NYT, Bankman-Fried tweeted only the first two episodes of the cryptic series – ‘What’ and ‘H’. He told the publication that the series will spell out more than one word, but “makes it up as it goes.” When The Times asked why he posted the tweets, he replied, “I don’t know. I’m improvising. I think it’s time,” he said.
The effects of the FTX collapse unfold
Earlier in November, CoinDesk reported that most of Alameda’s assets are tied to FTX’s in-house token, FTT. Just days later, FTX competitor Binance announced that it would sell approximately $530 million worth of FTT assets. According to Bankman-Fried, other traders scrambled to withdraw their holdings in FTX, with nearly $6 billion in withdrawals in just three days.
cryptocoin.com As you follow, Binance has returned to a deal to save FTX. Later, Bankman-Fried resigned as CEO of FTX. Additionally, FTX, Alameda Research, and approximately 130 affiliated companies have filed Chapter 11 bankruptcy proceedings.
Ian Taylor, executive director of the Crypto UK industry group, said based on his information that most of the lost funds belonged to institutional investors. Meanwhile, it was revealed that the Ontario Teachers’ Pension Plan had invested $95 million in the defunct stock market. Ikigai CIO Travis Kling also admitted on November 14 that investors lost a significant portion of their funds.
A believer in effective altruism, Bankman-Fried had lofty ambitions for his wealth, which once peaked at $26 billion. He was increasing his wealth with his plan to distribute large masses. But the collapse of FTX put an end to that. Bankman-Fried’s fortune fell 94% to $1 billion, Bloomberg reported.
