SBF Covers Up “The Best He Can” After Taking Shots at Regulators

SBF Covers Up “The Best He Can” After Taking Shots at Regulators
18 November 2022

The Sam Bankman-Fried-FTX aftermath continues in what seems like PR damage control at this point. In his latest round of 13 tweets, his thread of what started as a cryptic slew of messages is now a 32 thread-long twitter post of denial and damage control.

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A summary of his latest cover up tweets are a mixture of denial and apologies to regulators. It first started of as an explanation that events at FTX was a result of wrong assessment on leverage due to messy accounting. Soon, he goes on a tangent to empathise and apologise to regulators after ‘leaked’ messages surfaces from recent conversations with a reporter friend. His new crime? He was criticizing regulators, with a clear message : “fuck regulators”.

Shortly after the messages were published a Vox Interview, SBF quickly apologized, saying “I was venting and not intending that to be public”.

SBF later tweeted apologies for delivering a clear message to regulators

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In the ‘leaked’ messages, he took a hard line that regulators could not distinguish the good and bad in crypto. His thoughts on regulations to improve crypto seemed to thread on the line of utilitarianism, implying that regulator implementations have “no goal or philosphy behind it”.

He describes regulation as powers against investors to “just ‘do more business’ vs ‘do less business’ and ‘put up more moats’ vs ‘put up fewer moats'” as opposed to something inherently good for the industry.

His Twitter series of apologies to regulators, had him self-admittedly indicating that his remarks were “thoughtless or overly strong”. He also quickly spun his thoughts saying that “regulators have deeply impressed me with their knowledge and thoughtfulness” and that “it is really hard to be a regulator”.

In the same series of ‘leaked’ messages, he talks about a wide range of topics, including his conduct, the fall of FTX and losing his team in the process. “I didn’t want to do sketchy stuff, there are huge negative effects from it and I didn’t mean to. Each individual decision seemed fine and I didn’t realize how big their sum was until the end.”

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“Sometimes life creeps up on you,” he said after saying he thought Alameda had enough collateral to reasonably cover funds it had lent out.

He also said that he has “2 weeks to raise $8 billion” and “that’s basically all that matters for the rest of my life.”

Coincidentally, chief restructuring officer and now CEO of FTX John Ray launched a public statement at the same time the messages were leaked, disavowing SBF and that he has no ongoing role at FTX US or Alameda Research Ltd. and does not speak on their behalf.

Crypto Twitter was also doing what it does best and found SBF in a grocery store, walking freely in the Bahamas.

Neil Liew
Neil Liew

Neil is an all round crypto analyst and former DeFi DAO co-founder. He loves all topics around Blockchain, Fintech & GameFi. While he’s not talking shop, you can find him building web3 products or exploring specialty chocolate in cities around the world.

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