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

Coingapestaff
December 13, 2022
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SBF

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

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

 

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 planned to attack Binance

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 his role in 3AC implosion.

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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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.