Sam Bankman-Fried Pledges Personal Assets To FTX Customers: Pre-Mortem Report. Summary:.

13 Jan 2023, 08:00

Sam Bankman-Fried Pledges Personal Assets To FTX Customers: Pre-Mortem Report Summary: The FTX founder published a pre-mortem report claiming Alameda Research was the victim of a coordinated attack.Sam Bankman-Fried said he believes FTX US is solvent and holds over $350 million in net cash to repay customers if the platform was rebooted today.U.S. prosecutors charged SBF with fraud and money laundering in the billion-dollar crash of his Bahamas-based crypto exchange. Disgraced FTX Founder Sam Bankman-Fried published his personal thoughts on the factors that drove his cryptocurrency exchange and $32 billion empire to ruin in November 2022. In a “pre-mortem” report released on Substack, Bankman-Fried pointed to three reasons why Alameda’s contagion pulled down FTX. $100 Billion Balance Sheet, $8 Billion In Leverage, $7 Billion On-Hand Liquidity Firstly, SBF said his trading giant Alameda Research boasted a balance sheet with a new value of around $100 billion in 2021. The company formerly led by Caroline Ellison also supposedly had $7 billion in liquid assets and $8 billion in debt from leverage trading. A CoinDesk article from November 2022 revealed that Alameda’s books were propped up mostly by illiquid assets like FTT, the exchange token created by FTX out of thin air.