{"id":526151,"date":"2022-12-13T14:30:48","date_gmt":"2022-12-13T11:30:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sbf-planned-to-blame-everyone-but-himself-shows-leaked-congress-testimony\/"},"modified":"2022-12-13T14:30:48","modified_gmt":"2022-12-13T11:30:48","slug":"sbf-planned-to-blame-everyone-but-himself-shows-leaked-congress-testimony","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sbf-planned-to-blame-everyone-but-himself-shows-leaked-congress-testimony\/","title":{"rendered":"# SBF planned to blame everyone but himself, shows leaked Congress testimony"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25358e670a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25358e670a3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sbf-planned-to-blame-everyone-but-himself-shows-leaked-congress-testimony\/#%E2%80%9D_SBF_planned_to_blame_everyone_but_himself_shows_leaked_Congress_testimony_%E2%80%9C\" >&#8221; SBF planned to blame everyone but himself, shows leaked Congress testimony &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SBF_planned_to_blame_everyone_but_himself_shows_leaked_Congress_testimony_%E2%80%9C\"><\/span>&#8221; SBF planned to blame everyone but himself, shows leaked Congress testimony &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZGViNzQ5ZWMtMzcxZC00ZjI2LWJiOTItYWJmZWU3YjljOWQ1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Former FTX CEO Sam Bankman-Fried, also known as SBF, was arrested on Dec 12, a day before he was set to testify before Congress remotely. A copy of his <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/stevenehrlich\/2022\/12\/13\/exclusive-transcript-the-full-testimony-sbf-planned-to-give-to-congress\/?sh=6efab093c474\">testimony,\u00a0<\/a>obtained by Forbes, highlights that the disgraced CEO planned to blame the spectral downfall of his $32 billion empire on everyone but himself.<\/p>\n<p>SBF continued the same rhetoric about FTX.US, the sister company of the global cryptocurrency exchange, in his testimony. He claimed that the United States-based entity was still \u201cfully solvent\u201d despite it being a part of the Chapter 11 bankruptcy filed on Nov. 11. Bankman Fried wrote:<\/p>\n<blockquote><p>\u201cI wish I had not clicked on a button on Docusign at 4:30 am, leaving some of FTX under destructive leadership,\u201d <\/p><\/blockquote>\n<p>He went on to blame the inclusion of FTX.US in the Chapter 11 bankruptcy on John J. Ray III, a restructuring lawyer who assumed the role of FTX CEO after the bankruptcy filing. SBF claimed that \u201cAmerican customers were protected, at least until Mr. Ray\u2019s team took over.\u201d<\/p>\n<p>Ray, on the other hand, has been very critical of the former FTX CEO and his management skills. In his testimony for the FTX investigation hearing, Ray has said that in all his years of working as a restructuring lawyer, he has never seen such an \u201cutter failure of corporate controls at every level of an organization, from the lack of financial statements to a complete failure of any internal controls or governance whatsoever.\u201d<\/p>\n<p>In the leaked document, SBF also blamed the inclusion of FTX.US in Chapter 11 on the bankruptcy law firm Sullivan &amp; Cromwell. While Bankman-Fried himself signed the bankruptcy documents, he claimed the law firm pressured him to file Chapter 11 documents and wrote:<\/p>\n<blockquote><p>\u201cI have 19 pages of screenshots of Sullivan &amp; Cromwell, Mr. Miller, and others I believe were influenced by them, all sent over a two-day period, pressuring me to quickly file for Chapter 11.\u201d\u00a0<\/p><\/blockquote>\n<p>SBF also attacked the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel for FTX.US Ryne Miller, accusing him of being part of the pressure group that wanted to include the U.S.-based entity in the bankruptcy filing. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Hours before his arrest, SBF denied being part of \u2018Wirefraud\u2019 chat group<\/em><\/strong><\/p>\n<p>Apart from Ray and his legal aids, SBF was also going to blame Binance CEO Changpeng Zhao for what he claimed was \u201ca month of sustained negative PR on FTX.\u201d He claimed that Binance knowingly signed the letter of intent to buy out FTX, but they \u201cnever intended to go through with the deal.\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sbf-planned-to-blame-everyone-but-himself-shows-leaked-congress-testimony\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SBF planned to blame everyone but himself, shows leaked Congress testimony &#8220; Former FTX CEO Sam Bankman-Fried, also known as SBF, was arrested on Dec 12, a day before he was set to testify before Congress remotely. A copy of his testimony,\u00a0obtained by Forbes, highlights that the disgraced CEO planned to blame the spectral&#8230;<\/p>\n","protected":false},"author":1,"featured_media":526152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/deb749ec-371d-4f26-bb92-abfee7b9c9d5.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,135234,89897,4978,52214,70934],"class_list":["post-526151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-ftx","tag-sam-bankman-fried","tag-bankruptcy","tag-congress","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=526151"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/526152"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=526151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=526151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=526151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}