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I’m the Boss Now: New FTX CEO Responds to SBF Tweet Storm

2 mins
Updated by Kyle Baird
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In Brief

  • FTX says SBF has nothing to do with the exchange anymore.
  • Vox interview reveals SBF's thoughts on the incident.
  • Crypto community still venting at public enemy number one.
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The new CEO of the embattled FTX exchange has spoken out about Sam Bankman-Fried and his recent erratic public statements.

Sam Bankman-Fried has taken to Twitter over the past few days with a flurry of cryptic messages.

On Nov. 17, however, the official FTX account posted a statement from the new “Chief Restructuring Officer” and CEO, John Ray.  

Ray reiterated that SBF had resigned from the firm and all of its subsidiaries on Nov. 11, adding:

“Mr. Bankman-Fried has no ongoing role at @FTX_Official, FTX US, or Alameda Research Ltd. and does not speak on their behalf.”

John Ray III is a lawyer who previously oversaw the $23 billion bankruptcy of energy giant Enron Corp.

Blaming Alameda, Not FTX

The latest SBF tweet came a few hours ago when he said, “What matters is doing the best I can. And doing everything I can for FTX’s customers.”

Nevertheless, it appears that the company, or what remains of it, wants nothing to do with him. As such, SBF has become the public enemy number one in the world of crypto and finance.

His latest follows a series of posts exclaiming how hard it is to regulate “entire industries that grow faster than their mandate allows them to.”

“You all deserve frameworks that let regulators protect customers while allowing freedom,” he said. But such a thing does not yet exist.

On Nov. 16, Vox published a lengthy article on SBF’s self-explanations and his take on the entire situation.

It contained screenshots of an interview in which SBF responded on regulators, ethics, lies, and what actually happened to FTX. SBF maintained that FTX never invested the deposits of crypto account holders on the exchange. However, he said that Alameda had borrowed much more money from FTX’s balance sheet for investments than he had realized. This left the exchange vulnerable when the bank run began.  

“The people in charge of [the company] are trying to burn it all to the ground out of shame,” he told Vox. He would have preferred to have kept trying to raise the money himself.

Regarding the FTX hack, SBF said it was either an ex-employee or malware on an employee’s computer. A day after the bankruptcy filing, FTX was exploited for $477 million,

Crypto Community Still Venting

The crypto community is still steaming over SBF, regardless of what he says about the situation. Those that have lost funds have a slim chance of recovery due to the collapse of FTT, SOL, and SRM prices. These were the primary sources of company collateral.  

Conspiracy theorists and speculators reckon that SBF will not be prosecuted in the U.S. due to the number of political donations he has made.

Economist and trader Alex Krüger summed up the chat logs from the Vox interview.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...