Regardless of publicly supporting drafting crypto regulation to guard clients, disgraced crypto change FTX founder Sam “SBF” Bankman-Fried seems to have shared a deep disdain for regulators.
Throughout SBF’s ongoing prison trial, Assistant U.S. Prosecutor Danielle Sassoon inquired if the crypto government might recall his earlier Twitter statements relating to his assist of blockchain regulation to guard clients. “I don’t keep in mind,” SBF mentioned. Sassoon requested, “However in personal, you mentioned, fuck regulators, proper?”
“I mentioned that when,” SBF replied. Amongst different profanities, the previous crypto government additionally said 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 mentioned it [regulations] was P.R. [public relations]?” requested Sassoon. SBF responded, “I mentioned one thing like that.”
Throughout extra questioning, SBF additionally claimed that the advantages of serving to draft crypto regulation included aiding in FTX taking market share from competitor change Binance. Earlier than FTX’s collapse final November, SBF revealed that the change, together with sister hedge fund Alameda Analysis, held near $15 billion in clients’ deposits, with $10 billion reported lacking.
On Nov. 8, 2022, Binance founder Changpeng Zhao signed a letter of intent to amass 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 web withdrawals amounted to $4 billion, or 100 instances the amount 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. Internal Metropolis Press is on it https://t.co/lPLqNVJIBf &https://t.co/mdnD76vUQ7 Reveals https://t.co/VGsnx6gqxd guide https://t.co/1w2tkmrTvA and can dwell tweet, thread under pic.twitter.com/HmDmEG3fL8
— Internal Metropolis Press (@innercitypress) October 30, 2023
The prison trial of Bankman-Fried is ongoing and is predicted to wrap up by early subsequent week.
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