SBF Once Again Defends Himself

Sam Bankman-Fried, the former head of the collapsed cryptocurrency exchange FTX, is once again trying to convince the public that his company was never truly insolvent. His latest post on X (formerly Twitter) quickly set off a wave of criticism.

The controversy began with a satirical post by one of FTX’s creditors, who accused current CEO John J. Ray III of keeping the company in bankruptcy merely to collect fees and sell off assets at discounted prices. Bankman-Fried joined the discussion, suggesting that this portrayal was largely accurate and that some of FTX’s funds still hadn’t been returned.

His comments immediately drew backlash. Blockchain investigator ZachXBT reminded followers about the alleged $40 million payment Bankman-Fried made to Chinese officials. Investor Adam Cochran added that the former billionaire showed no remorse and was trying to rewrite history despite the massive losses suffered by FTX’s users.

At the same time, a New York appeals court was reviewing Bankman-Fried’s appeal of his conviction. His attorney argued that the trial had been unfair, but the judges disagreed, noting that the evidence of guilt was overwhelming and that no testimony could have realistically changed the jury’s decision.

This isn’t the first time the former FTX chief has tried to repair his image. Recently, he posted a 14-page document on X claiming that the exchange had enough funds and that its downfall resulted from poor legal advice and political pressure. Experts dismissed these arguments as recycled claims already rejected by the court.

It seems clear that Sam Bankman-Fried still cannot come to terms with the collapse of FTX—or with his own role in one of the biggest scandals in cryptocurrency history