SAQ on FTX hack, political donations and customer funds

Yesterday, the voice of what is probably the most controversial crypto personality in recent weeks boomed again from many loudspeakers: Sam Bankman-Fried (SBF) gave the Crypto blogger Tiffany Fong an interview and commented on the FTX bankruptcy, the FTT token and the exchange hacker. He also explained why he donated money to both the Democrats and Republicans and gave an outlook on the future. But the statements should be treated with caution.

FTT token and FTX hack

“I think FTT was more legitimate than most tokens,” SBF said right at the beginning of the interview. More or less understandably, he unabashedly continues: “Its value was better economically underpinned than the average token.” The central distribution of the FTT token did not seem to have worried him either. According to Bankman-Fried, the ultimate reason for the failure of FTX and the exchange token was due to the massive FTT sell-off.

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Sam Bankman-Fried also commented on the FTX hack: “I narrowed it down to about eight people. I don’t know which one it was.” He then hinted that it could be a former FTX employee. He denies complicity.

Donations also to Republicans

Last year he donated $5 million to US President Biden’s campaign and more than $9 million to members of Congress. In May, he announced donations of between $100 million and $1 billion in the 2024 presidential election. He always presented himself as a supporter of the US Democrats. Now Sam Bankman-Fried revealed: “I have donated to both parties.”

All my Republican donations have been obscure. In practice, no one can imagine that someone is actually dark [Geld] has given. [dunkles Geld bezieht sich auf Ausgaben, die dazu bestimmt sind, politische Ergebnisse zu beeinflussen, wenn die Quelle des Geldes nicht offengelegt wird, Anm. d. Red.]

Sam Bankman Fried

The reason for the secrecy was the “super liberal notion of reporters” who “freak out when you donate to the Republicans.”

Future: FTX and client funds

Because the Chapter 11 bankruptcy proceedings are technically a restructuring plan, FTX could resume normal operations in the future. When asked about it, Bankman-Fried responded hesitantly, pointing to the “people he put in charge.”

When asked if customers would receive any form of compensation at all, SBF stuttered, but revealed a fly in the ointment. While FTX.us customers could get back “one dollar per dollar,” FTX.com victims would have to settle for “20-25 cents per dollar.” So far, these are only guesses. How much money customers of the failed crypto exchange will really receive remains to be seen.

in one second interview SBF discusses Alameda Research and the connection to Binance. He also declares pangs of conscience and said he is grateful for “those who stayed with him”. Tiffany Fong, meanwhile, noted that Bankman-Fried’s statements should be taken with a pinch of salt.

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