'I didn’t steal...': Sam Bankman-Fried says in a post after pleading not guilty
File photo of Sam Bankman-Fried
Embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Thursday in a blog post laid bare his side of the issue and said he did not 'steal' the funds.
"I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilisable to backstop FTX customers," wrote Bankman-Fried in the highly unusual post.
The former billionaire said Alameda collapsed because it failed to hedge against an 'extreme' crash in the crypto markets.
"Alameda failed to sufficiently hedge its market exposure. Over the course of 2022, a series of large broad market crashes came–in stocks and in crypto–leading to a ~80% decrease in the market value of its assets."
The 30-year-old also added that he had a lot more to say on the topic but this was a start.
&im=FitAndFill=(700,400))
‘Italy will not...’: Meloni threatens Spain’s Schengen access after thousands enter Ceuta from Morocco
)
World's largest digital camera captures over 500,000 galaxies, 50,000 stars in one stunning image
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Who is Ruchika Singh, booked for using foul language against PM Modi at Jantar Mantar protests?
)
'I was almost trafficked in Paris,' says Australian woman, shares terrifying ordeal - 'I am on the black market'
)
Why did India turn down the US offer for F-35 fighter jets? EXPLAINED
)
India avoids higher US tariff, secures lower 10% rate. Here's how
)
'Muslims should not befriend kaafirs': Pak Army DG says India-Afghan ties that of 'master-slave'
&im=FitAndFill=(700,400))
August 2025 movie release calendar: Toxic, Batwara 1947, Awarapan 2 and all big-ticket films hitting theatres
&im=FitAndFill=(700,400))
Meet top 5 bowlers in latest ICC ODI rankings 2026 - check who sits at the top
&im=FitAndFill=(700,400))
Can an S-400 detect a bird?
&im=FitAndFill=(700,400))
'Fifth-generation fighters': Can the S-400 shoot down an F-35?
)
'FIR not withdrawn' against Noida teen who 'abused' PM Modi despite apology, claims CJP
&im=FitAndFill=(700,400))
Meet top 5 openers with fastest ODI centuries, check who tops list
&im=FitAndFill=(700,400))
Why are iPhones so expensive compared to Android phones?
)
At least 3 killed in mass shooting at Idaho restaurant, shocking video of gunman open firing with AR-style rifle surfaces
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
&im=FitAndFill=(700,400))
Meet top 5 batters in latest ICC ODI rankings 2026 - check who sits at the top
)
CJP's Abhijit Dipke speaks to protesting students in Jharkhand, extends support to their demands: Will he go to Ranchi?
)
‘Pakistan eroded India's faith bit by bit’: Indian envoy defends putting Indus Waters Treaty in abeyance
)
What’s happening in Nepal? How did a local clash turn into communal violence? WION Decodes
&im=FitAndFill=(700,400))
7 longest flights in the world - Singapore, Qantas, Qatar and others
)
Bomb-making note found at Ayodhya medical college, 1st-year student detained. Here’s all we know
)
Have 7,000 Karnataka students tested positive for HIV? Here's the truth
&im=FitAndFill=(700,400))
Meet top 5 bowlers in latest ICC Test rankings 2026 - check who sits at the top
&im=FitAndFill=(700,400))
Meet top 5 batters in latest ICC Test rankings 2026 - check who sits at the top
&im=FitAndFill=(700,400))
Why Russian tanks are much lighter compared to US tanks
&im=FitAndFill=(700,400))
One S-400 battery, dozens of targets: How it fights an air battle in seconds
&im=FitAndFill=(700,400))
From Tom Holland-Zendaya to Blake Lively-Ryan Reynolds: Actors who met on sets and fell in love and married
)
From trash to energy: Scientists turn plastic waste into Hydrogen fuel using a new technique - Here's how
&im=FitAndFill=(700,400))
Why Russian jets use heavier steel compared to US jets
&im=FitAndFill=(700,400))
New OTT releases this week (August 3-9, 2026): Main Vaapas Aaunga, Uyir, Operation Safed Sagar- 6 titles coming on Netflix, Prime Video and more
&im=FitAndFill=(700,400))
Why Russian fighter pilots wear blue flight suits compared to US pilots
&im=FitAndFill=(700,400))
How often does an S-400 need maintenance?
"I have a lot more to say about why Alameda failed to hedge, what happened with FTX US, what led to the Chapter 11 process, S&C, and more. But at least this is a start."
With a court trial pending, most people would have been advised by their lawyers to keep a low profile and refrain from talking. However, Bankman-Fried in the lengthy post maintained his innocence and said he could help undo the damage.
WATCH |FTX founder Sam Bankman-Fried is 'ready to face music?'
Bankman-Fried pleads not guilty
Notably, Bankman-Fried's statement comes a week after he pleaded not guilty to fraud charges at a New York federal court.
The charges vary from wire fraud to money laundering to campaign finance violations with five carrying a maximum sentence of 20 years in prison.
With Bankman-Fried pleading not guilty, the stage is set for a court trial which is expected to begin in October, according to federal judge Lewis Kaplan.
What happened to FTX?
FTX filed for bankruptcy in November last year after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through.
According to US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Bankman-Fried masterminded the misappropriation of more than $8 billion in funds from customer accounts.
(With inputs from agencies)
WATCH WION LIVE HERE: