SBF mimics the innocent lamb. The facts say otherwise

In June 2017, then-US Attorney General Jeff Sessions was questioned before a US Senate Intelligence Committee about his ties to Russia. The accusations are serious: Sessions is said to have discussed the presidential elections with the Russian ambassador.

Sessions, under oath, does not deny the meetings – but says he has no recollection of them. During the interrogation, his memory fails him around 30 times. At the same time he wears a mischievous smile. Sessions, notorious for being a tough dog, mimics the funny but harmless grandpa. The performance deserves an Oscar.

Jeff Sessions doesn’t remember

Fallen crypto billionaire Sam Bankman-Fried (SBF) is now pursuing a similar tactic. Since his crypto exchange FTX had to declare bankruptcy, he has been giving interview after interview. The first on Nov. 29 from the crypto journalist Tiffany Fongthe last and since then at least fourth to the «Wall Street Journal».

His scam is always the same: SBF presents himself as a remorseful and confused professor who has made embarrassing mistakes, but never willfully wanted to cheat customers or investors. In addition, SBF suffers from session syndrome: “I don’t know by heart which procedures we use”, “I don’t know if we violated the terms of use”, “I don’t know exactly what this criticism refers to”, “I know them exact details», «I was not really involved in this process».

When the interviewer asked what he was involved in as CEO, he received the casual answer: “I was busy keeping FTX running.”

Similar to Sessions, you almost take it for SBF. With his knees drawn up and wearing shorts, he sits on the sofa like a little boy. Does this look like a notorious scammer?

The facts that come to light with the bankruptcy documents speak for themselves.

  • Contrary to what was proclaimed, customer funds were overwritten by FTX Alameda and literally gambled away there. It is still unclear how much this is. We’re talking about two to eight billion dollars. SBF believes it was just over five billion.
  • Contrary to what was proclaimed, there was a profound networking between the crypto exchange FTX and the hedge fund Alameda. SBF is said to have had an intimate relationship with Alameda CEO Caroline Ellison.

Excerpt from an interview with Alameda CEO Caroline Ellison

  • Although SBF says it cut all ties with Alameda to avoid conflicts of interest, it did receive a $1 billion private loan from Alameda. Other FTX superiors also received amounts in the high millions. What happened to the money remains unknown to this day.
  • Although SBF has always maintained that FTX is a profitable company, Tax filings show that FTX and Alameda have posted a loss of $3.7 billion since inception through 2021. This is especially amazing because in 2021 the crypto sector exploded. Competitor Coinbase took in over 3 billion in 2021.
  • Alameda enjoyed exclusive rights with FTX. Alameda could not be liquidated for certain leverage products, so it had competitive advantages over other market participants. In addition, FTX risked having to pay for damages from Alameda.

New York last Wednesday. Star journalist Andrew Ross Sorkin invites you to the annual DealBook conference. Speakers: Tiktok CEO Shou Chew, Blackrock CEO Larry Fink, Amazon CEO Andy Jassy, ​​Netflix CEO Reed Hastings, Mark Zuckerberg, Volodymyr Selenkj, Benjamin Netanyahu … and neo-bankruptcy vulture Sam Bankman-Fried.

He, who destroyed the savings of a million customers a few days ago, can present “his view of things”, can speak of mismanagement and his own mistakes, can eat chalk in public. He will be connected from the Bahamas. Far away from the long arm of the US judiciary.

Again, Sam Bankman-Fried plays the confused professor’s card, good-naturedly and naively rattling into the business trap. Again the stitch pulls. At the end of the interview, Sam Bankman-Fried gets a round of applause. (tog)

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