Here’s What SBF Planned To Say In His Testimony Today

On Monday evening, Bahamas law enforcement detained SBF, the former CEO of the defunct FTX cryptocurrency exchange.

“S.B.F.’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against S.B.F. and is likely to request his extradition,” the Bahamas’ government stated in a statement late on Monday.

Breaking: SBF has been arrested in the Bahamas. pic.twitter.com/iHZJzd6Lao

— BSC NEW (@bscnew_com) December 13, 2022

The crypto founder’s planned testimony has been obtained by Forbes. It was made known because it is no longer likely that he will appear before Congress. According to reports, SBF is being detained while he is likely extradited to the United States, where he will likely face criminal charges.

SBF attack Binance CEO in his testimony

There have been allegations that I tried to manipulate the stablecoin Tether after the crash in November 2022, either directly or indirectly through a third party. This cannot possibly be true. I have never tried to manipulate the price of Tether, and I am not aware of any actions taken by a business I own or run with the intention of doing so. CZ (the CEO of Binance) leveled one of these charges in relation to a trade worth $250,000. The claim is categorically false, and it is absurd to believe that a trade of $250k could have any real effect on the price of Tether. CZ has access to sufficient context to understand the absurdity and falsity of these claims.

There have been rumors that CZ’s equity in FTX will be purchased. In fact, I contacted CZ in 2021 to start a conversation about acquiring their stake in FTX. CZ threatened, at the very last minute, to back out of the agreed-upon buyout unless we contributed an additional $75 million or so. We ultimately decided to pay the additional $75m because we wanted to break off ties with CZ. He misjudged, speculated, and took advantage of something to get an additional $75 million from us.

Sam Bankman-Fried denied the implosion of 3AC

These claims are also flatly untrue. To my knowledge, neither I nor any of the businesses I run or own have ever taken any actions with the intent of starting the implosion of 3AC. In addition to being untrue, I find the claims to be illogical because it would have been absurd for me to cause a market crash in order to destroy 3AC and then collapse my own businesses.

Also Read: How Much Jail Time SBF Is Looking At If Convicted?

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