“I didn’t realise it would ask for contributions”, Sam Bankman-Fried responded as a Twitter user (@Compound248) pointed out the paywall to the embattled FTX founder’s newly opened Substack.
Now broke and under house arrest with a pile of legal fees stacking higher than the empire state, poor Sam has turned to Substack to journal his own side of the story—or another swathe of implicative evidence. His lawyers are fighting hard to reclaim Sam’s $450 million Robinhood shares, which currently remain under government forfeiture, citing the need for their client to foot his legal defence as a necessary right.
In what looks like an interesting tell-all narrative on Substack, Sam declared to offer his total Robinhood shares towards settling aggrieved customers in turn for recognition of his directors and officers (D&O) liability insurance. The ex-Forbes billionaire goes on to declare that FTX had approximately “$350 million in cash in excess of customer funds” when filing for chapter 11 bankruptcy. He further explained that potential funding offers to the tune of $4 billion were already in the pipes and could have injected more health into the ailing exchange, providing enough financial covering for customers—had it been allowed to stay a little longer.
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