Regardless of publicly supporting drafting crypto regulation to guard prospects, disgraced crypto trade FTX founder Sam Bankman-Fried (SBF) seems to have shared a deep disdain for regulators.
In the course of the ongoing FTX prison trial, Assistant U.S. Prosecutor Danielle Sassoon inquired if the crypto govt might recall his earlier Twitter statements relating to his help of blockchain regulation to guard prospects. “I do not bear in mind,” stated SBF. “However in non-public, you stated, fuck regulators, proper,” requested Sassoon.
“I stated that when,” SBF replied. Amongst different profanities, the previous crypto govt additionally acknowledged that he considered a “subset of individuals” on Crypto Twitter as “dumb motherfuckers.” Earlier than his arrest, SBF testified in a 2021 listening to earlier than the U.S. Home Monetary Providers Committee on crypto regulation.
You stated it [regulations] was P.R. [Public Relations]?” Requested Sassoon. “I stated one thing like that,” SBF responded.
Throughout extra questioning, SBF additionally claimed that the advantages of serving to to draft crypto regulation included serving to FTX take market share from competitor trade Binance. Earlier than FTX’s collapse final November, SBF revealed that the trade, together with sister hedge fund Alameda Analysis, held near $15 billion in prospects’ deposits, with $10 billion reported lacking.
On Nov. 8, 2022, Binance founder Changpeng Zhao signed a letter of intent to accumulate FTX. The deal fell aside only a day later after Binance reportedly considered FTX’s books and found the asset discrepancy. SBF recalled that on Nov. 7, 2022, buyer internet withdrawals amounted to $4 billion, or 100 instances the quantity of a mean buying and selling day, sending the corporate right into a deep liquidity disaster.
OK – now SBF trial with Sam Bankman-Fried nonetheless on direct, this afternoon the cross. Interior Metropolis Press is on it https://t.co/lPLqNVJIBf &https://t.co/mdnD76vUQ7 Displays https://t.co/VGsnx6gqxd e book https://t.co/1w2tkmrTvA and can stay tweet, thread beneath pic.twitter.com/HmDmEG3fL8
— Interior Metropolis Press (@innercitypress) October 30, 2023
The prison trial of Sam Bankman-Fried is ongoing and is anticipated to wrap up by early subsequent week.