1 year ago
Former FTX CEO Sam Bankman-Fried (SBF) claims successful his planned grounds earlier the U.S. House of Representatives Committee connected Financial Services that helium was pressured into filing for bankruptcy for the FTX companies by the instrumentality steadfast Sullivan & Cromwell, asserting that their information for doing truthful was the imaginable ineligible and consultancy fees.
SBF was acceptable to attest earlier the U.S. House of Representatives Committee connected Financial Services connected Dec. 13. However, helium was arrested successful the Bahamas connected Dec. 12, astatine the petition of the U.S. government.
Forbes obtained a draught of Bankman-Fried’s planned grounds and has published it verbatim.
In the testimony, SBF makes a assertion nether ‘Chapter 11’ that helium had received an “offer for billions of dollars to assistance marque customers whole,” soon aft signing a information for John Ray to instrumentality implicit FTX arsenic CEO.
SBF states that helium instructed his counsel to rescind the papers lone moments aboriginal to find this it was not imaginable to bash so. The grounds besides reports that “Sullivan & Cromwell lawyers were submitting it connected [SBF’s] behalf contempt [SBF’s] instructions not to.”
SBF claimed that the Ray information papers was filed by Sullivan & Cromwell against his wishes “roughly 6 hours later.”
SBF past claimed that Ray filed for Chapter 11 afterward for each FTX entities “-including a afloat solvent US entity, FTX US, successful which they unopen down lawsuit entree and withdrawals.”
According to the testimony, The Bahamas Attorney General, Ryan Pinder, released an authoritative statement:
“It is imaginable that the imaginable of multimillion-dollar ineligible and consultancy fees is driving some [the Chapter 11 team’s] ineligible strategy and their intemperate statements.”
SBF concluded leafage 9 of his grounds with a screenshot revealing a connection from General Counsel astatine FTX, Ryne Miller, requesting consent to nonstop “SullCrom” $4 cardinal to guarantee practice “from FTX.com cash.”
The station SBF claims instrumentality steadfast Sullivan & Cromwell pressured him into bankruptcy filing for legal, consultancy fees appeared archetypal connected CryptoSlate.
English (US) 