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[Slashdot] - Forbes Publishes Transcript of SBF's Planned Testimony


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Longtime Slashdot reader UnanimousCoward writes: Forbes has published a transcript of SBF's planned testimony as well as a synopsis which, of course, will not happen now. At no point does he admit fraudulent behavior and does not address the (multi-)billion dollar loans that helped contribute to the flywheel Ponzi scheme. FTX founder Sam Bankman-Fried was arrested yesterday by the Royal Bahamas Police Force. He was set to testify virtually before the House Financial Services Committee about the exchange's collapse on Tuesday (today). Here are the key takeaways from SBF's draft testimony, as highlighted by Forbes: - Bankman-Fried is being ghosted by FTX's court-appointed CEO John Ray. - Bankman-Fried says that FTX.US general counsel and former Sullivan & Cromwell partner, Ryne Miller, put intense pressure on Bankman-Fried and others to rush into filing for Chapter 11. - Bankman-Fried believes that John Ray and law firms managing the bankruptcy, including Sullivan and Cromwell, are dusting off the Enron playbook in an effort to reap enormous fees from FTX's bankruptcy. - The Chapter 11 team is not playing nice with foreign regulators. - Bankman-Fried thinks that John Ray and the U.S. Bankruptcy Court is bullying the Bahamian government and overstepping its rights as the main domicile for FTX International. - Bankman-Fried devotes seven pages to a section he calls "Misstatements," detailing instances where John Ray and team are disseminating false and inaccurate information about the companies he created. - FTX did not have a risk management team. - Bankman-Fried claims that there are signed Letters of Intent (LOIs) from prospective investors that could recapitalize the exchange. - Binance CEO Changpeng Zhao orchestrated a negative public relations campaign to bring down FTX. - Having eliminated FTX as its largest global competitor, Binance is now averaging approximately 70% of global cryptocurrency volume. - Bankman-Fried wants to set the record straight on false reports of hard partying at FTX and on his own drug usage. He says he has never been drunk in his life, and has been on an antidepressant for the last decade.

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