Sam Bankman-Fried, the founder and former chief executive of FTX U.S., has rejected claims by the company’s current leadership made in a presentation on Tuesday that the team has only recovered US$181 million worth of funds from the exchange.
“These claims by [restructuring firm Sullivan & Cromwell] are wrong, and contradicted by data later on in the same document,” Bankman-Fried wrote in a Substack post on Wednesday. “FTX U.S. was and is solvent, likely with hundreds of millions of dollars in excess of customer balances.”
Bankman-Fried is currently under house arrest for his involvement in the collapse of FTX.com and faces charges of securities fraud, wire fraud, conspiracy, money laundering, and violating campaign finance rules. He has pleaded not guilty to all charges.
(By LACHLAN KELLER)
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