In a second audio interview SBF gave following FTX’s collapse, he discussed what he would have done differently and said he felt there was a “50-50 chance” FTX would be OK now if Binance’s CZ hadn’t expressed concerns about FTX. By skesslr and NelWang
from Tiffany Fong – a crypto investor-turned-whistleblower who initially gained attention for leaking audio that showed Celsius Network, the now-bankrupt crypto lending platform, planned to use a cynical “crypto-based solution” to repay users of its Earn Lending platform.– Bankman-Fried rehashed many of the same defenses and rationalizations for his behavior that he had shared previously in other places to explain what went wrong.
On the call, Bankman-Fried provided some context around why he – for a brief time after pausing the FTX platform – reopened withdrawals just for residents of the Bahamas, where Bankman-Fried and FTX are based. As for whether Bankman-Fried created a “back door” to discreetly move user funds to Alameda without attracting attention, as, Bankman-Fried suggested that “I certainly didn't build the back door in there and I don't know exactly what they're referring to.”
To explain why he attempted to make these donations without attracting attention, the FTX founder said that most journalists are"secretly liberal," and he just"didn't want to have that fight." "It was a combination of the crash in the spring that took 50% out of asset values, combined with a hyper-correlated crash scenario this month in which simultaneously we saw a 50% decline in relevant asset prices over a two-day period, combined with a complete run on the bank on FTX, combined with the fact that there’s a margin position on FTX that was substantially larger than it appeared to be," Bankman-Fried said.
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