- Sam Bankman Fried has posted cryptic tweets stating: “What happened?”
- His crypto exchange FTX collapsed, threatening his fortune by approximately 94%.
- Bankman-Fried tweeted Tuesday, “This is all I remember,” but it could be that my memory might not be correct in some parts.
Sam Bankman-FriedHe said he was “improvising” when he posted a series cryptic Tweets Monday and Tuesday days after his crypto-exchange FTX crashed. These tweets hint at his plans to reveal the details of what happened at the company.
The Tweets“What happened” was spelled out, with a follow-up tweet stating: “Not legal advice.” Not financial advice. This is what I can remember, but my memory may be imperfect in some parts.
Tweets were separated by gaps that lasted multiple hours.
“I’ll get back to what happened,” is the latest tweet posted Tuesday morning. “But, for now let’s just talk about where are we today.”
—SBF (@SBF_FTX) November 15, 2022
Bankman-Fried TweetOn Friday, he said that he would share a detailed account of the events at FTX.
He tweeted: “I’m still putting together the details but I was stunned to see the things unravel as they did earlier in the week.” “I will soon write a more detailed post about the play-by-play, but I want it to be right when I do.”
Over the past week, Bankman-Fried lost nearly all of his fortune, while the two companies he cofounded (trading firm Alameda Research and cryptocurrency exchange FTX) filed for bankruptcy.
Bankman-Fried said The New York TimesOn Sunday, he said that FTX had crashed and that he was doing better than expected.
“You would have thought I’d be sleeping all day, but I’m actually getting some sleep,” he said to the publication. It could be worse.
He also stated that he continued to play Storybook Brawl video games, but not as much as usual. The game helps me to clear my mind,” he told the publication.
At the time of the interview with The Times, Bankman-Fried had only tweeted the first two parts of his cryptic thread – “What” and “H.” He told the publication that the thread would spell out more than one word but that he was “making it up as I go.”
When The Times asked him why he was tweeting, he replied: “I don’t know.”
He said to the newspaper, “I’m improvising.” “I believe it is time.”
Beginning November CoinDeskIt was reported that Alameda had most of its assets tied up with FTX’s proprietary token, FTT.
Binance, a rival to FTX announced just days later that its FTT holdings would be sold. Valued at $530 Million. Other traders tried to pull their own holdings out of FTX. Over three days, there were approximately $6 billion worth of withdrawalsAccording to Bankman Fried, the figure is.
Binance reneged on a deal to rescue FTX. Bankman-Fried resigned as CEO at FTX. Meanwhile, FTX and Alameda Research along with roughly 130 affiliate companies have started Chapter 11 bankruptcy proceedings.
As a believer in effective altruismBankman-Fried had high ambitions for his wealth which once reached $26billion. He was attempting to build his fortune by giving large swathes to the poor, but FTX’s fall put an end to this plan. The fortune of Bankman-Fried fell by 94%Bloomberg reported that it would be $1 billion.
