GB Market Commentary 30/11/2022
by Marcus Sotiriou
An interview with the former FTX CEO, SBF, was released yesterday, where he gave some intriguing insights into SBF’s side of the story. SBF said that FTX implementing a backdoor for FTX to funnel funds to Alameda was not true, as he doesn’t “even know how to code”.
He also said that FTX U.S. is 100% solvent and that FTX U.S. customers will be made whole with how much they deposited, but if things stay as it is with no funds raised then FTX international customers will get 25 cents on the dollar.
In relation to SBF’s donations to the Democratic party, which he donated around $40 million to, SBF said that he donated a similar amount to the Republican Party, but they were kept in the dark. Lastly, SBF said that he prioritised Bahamian withdrawals was to appease the country he is currently in. In addition, the FTX hack for $400 million was “an employee or someone installed malware on an ex employee computer,” according to SBF.
It is clear that throughout SBF’s journey with FTX he has tried to convey the image of being the most generous billionaire, in order to gain popularity. In this call, it seems as though he is now aiming to appear as just a smart guy who made an embarrassing mistake, as he uses the word ‘embarrassing’ several times when referring to his actions.