This narrative is still in progress and will be revised.
Sam Bankman-Fried, the previous CEO of FTX, has strongly disputed the charges against him in a “pre-mortem review” of the crypto exchange’s insolvency.
On Jan. 12, Bankman-Fried wrote on Substack and delineated between the companies under the FTX aegis, affirming that FTX US had $350 million in cash when it entered Chapter 11 bankruptcy.
He accused Sullivan & Crowell and the FTX US general counsel of coercing him into naming John Ray as FTX’s CEO before the bankruptcy, which might have disrupted an avenue to making users “substantially whole”.
Bankman-Fried asserted that if FTX International were to be restarted, there could be a possibility of customers getting fully compensated. With respect to the accusations that Alameda had used user funds from FTX, Bankman-Fried denied any participation. This story is ongoing and will be updated.