Sam Bankman-Fried, the former CEO of FTX, sent out a series of bizarre tweets, and these SBF tweets sparked many speculations on Twitter. However, he insists he was “improvising” and “making it up as I go.” In this update, we will delve deeper.
Early on November 16, major cryptocurrencies were trading in the green, with the global crypto market cap increasing by more than 0.50% from the previous day to $847 billion. The crypto market volume has surged by 25% in the last 24 hours to $62.50 billion. However, amid the ongoing FTX developments, the market is still experiencing fear, uncertainty, and doubt (FUD).
FTX Files for Chapter 11 Bankruptcy and SBF Resign
During the last week, Sam Bankman-Fried filed for Chapter 11 bankruptcy, resigning as CEO of FTX and the various businesses that comprised his crypto empire. According to a news release, the well-known trading firm Bankman-Fried founded Alameda Research, which is one of the 130 associated firms known as the FTX Group that have filed for bankruptcy. FTX US, FTX.com, and FTX.com are some of the other companies.
Crypto exchange FTX is filing for Chapter 11 bankruptcy and Sam Bankman-Fried is resigning as CEO https://t.co/ljL2FKzSMx
— Bloomberg (@business) November 11, 2022
According to the bankruptcy petition filed in Delaware, Bankman-Fried will remain to assist in an orderly transition. The bankruptcy will “start an orderly process to examine and monetize assets for the benefit of all global stakeholders,” according to the filing.
SBF's mom was Hillary Clinton's Lawyer
Alameda CEO's dad was SEC Chair, Gary Gensler's, old boss
FTX's new CEO, John J. Ray, III, was the lawyer brought on to clean up Enron in '07
"The most entertaining outcome is often the most likely"
— Chris Josephs (@Chrisjjosephs) November 11, 2022
According to a press release, John J. Ray III, the Enron bankruptcy attorney, has been named CEO of FTX Group.
Sam Bankman-Fried Strange Tweets (SBF Tweets)
On November 14, the troubled former CEO of FTX, Sam Bankman-Fried, wrote a series of strange tweets. The single-letter tweets sent hours apart read, “What HAPPEN,” when combined.
On Sunday, the mysterious tweets started with “What” and “H.” In a November 14 interview with the New York Times, the subject of his cryptic tweets was raised. Bankman-Fried stated that the series of tweets is “going to be more than one word” and that “I’m making it up as I go.”
He’s on the amphetamines again… pic.twitter.com/x7lMe2DOyg
— Coffeezilla (@coffeebreak_YT) November 14, 2022
He said, “I don’t know,” when asked why, adding, “I’m improvising. Bankman-Fried stated he didn’t know when asked further to explain why he tweeted the odd statement.
Some believe the tweets were directed at Sam Trabucco, the former co-CEO of Alameda Research, who left the company in August “to relax” and was well-known for concluding tweets with “what happened.”
SBF Tweets Bring No Solace to FTX Clients
Bankman-fall Fried’s fall from grace is unquestionably not an exception to the natural tendency of cryptocurrency investors and influencers to downplay negative news in the space.
Over the last year, notable organizations and individuals, including well-known financiers and media figures, have elevated Bankman-Fried to the status of luminary and corporate icon. However, as the company faces insolvency, FTX customers and crypto enthusiasts who may be affected indirectly have turned to memes for solace. Since FTX declared bankruptcy, SBF has hardly tweeted or made any other public comments.
Some people on Crypto Twitter accused him of leaving for Argentina, which he denied. The founder of FTX gave a cryptic explanation of the circumstances that led to the company’s demise and outlined a plan to pay clients fairly. Bankman-Fried has personally suffered massive losses, which will provide cold comfort to those whose funds are trapped in the exchange.
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