On November 11, former billionaire Sam Bankman-Fried (SBF) resigned from his position with FTX. He had been CEO up to that point, and given what is known at this time, he is directly accountable for the problem. Alameda Research’s CEO, Caroline Ellison, was his ex-girlfriend. The largest error they made was using the money from FTX clients, billions of dollars, to expand Alameda Research’s operations.
SBF recently tweeted that he was in direct contact with the authorities and that he was working to raise money in order to get the best outcome for FTX users. Over $8 billion in additional capital is required to repay all customers.
Additionally revealed by SBF yesterday, FTX assets surpassed claims. John Ray, the new CEO of FTX, has publicly stated that he thinks SBF’s statements are so deceptive:
“As previously announced, Mr. Bankman-Fried resigned on November 11 from his roles with @FTX_Official FTX US, Alameda Research Ltd. and their direct and indirect affiliates.
Mr. Bankman-Fried no longer works at @FTX_Official, FTX US or Alameda Research Ltd. and does not speak on their behalf”.
As a result, SBF is unable to influence current affairs and is unable to represent FTX in negotiations with either the government or possible financiers.
Temasek Holdings, the state-owned holding corporation of Singapore, has declared that between October 2021 and January 2022, it will fully amortize the $275 million it committed in two rounds of financing.
(1/3) Statement from John Ray, Chief Restructuring Officer and CEO of @FTX_Official, regarding Mr. Bankman-Fried’s recent public statements:
— FTX (@FTX_Official) November 16, 2022
An extensive due diligence investigation revealed that the company was profitable before 1% and 1.5% of FTX International and FTX US, respectively, were acquired as minority stakes. The most recent developments prompt Temasek to draw the following conclusions:
“After this investment, it is evident that our confidence in the actions, judgment and leadership of Sam Bankman-Fried, which has formed from our interactions with him and the opinions expressed in our discussions with other , seems to have been erroneous”.
 resigned from his position with FTX. Alameda Research's CEO, Caroline Ellison, was his ex-girlfriend. SBF is unable to represent FTX in negotiations with either the government or possible financiers.){kind=link}