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In the ever-turbulent world of cryptocurrency, few stories have captured the collective imagination quite like the rise and fall of FTX and its enigmatic leader, Sam Bankman-Fried (SBF). The recent surfacing of hundreds of pages of reflections and self-justifications he's written while under house arrest, including a 15,000-word Twitter thread (never posted), brimming with intricate details, insights, and revelations, has sent ripples throughout the community. But what exactly lies within these pages?
SBF's confessions, written with a mix of meticulous detail and candid reflection, offer a deep dive into the inner workings of FTX, the thought processes of its enigmatic leader, and "new details about his possible legal defense beyond what his lawyers have revealed in court." From strategic decisions and financial maneuvers to personal reflections and aspirations, the content is as diverse as it is revealing.
The documents, shared with The New York Times by social media influencer Tiffany Fong, span a range of topics from childhood memories to intricate mathematical calculations. They are a testament to a man grappling with his past decisions, the collapse of his empire, and the looming legal battles ahead. Interspersed with personal photos, stock images, and even music video links, they offer a chaotic yet intimate look into SBF's psyche.
In a twist of events, SBF doesn't shy away from pointing fingers. He lays blame on Caroline Ellison, his former girlfriend and a key player at Alameda, for FTX's downfall. Accusations of her incompetence and emotional instability are rife throughout his writings. Similarly, Sam Trabucco, co-chief executive of Alameda, doesn't escape SBF's critical gaze. From personal anecdotes to professional disagreements, SBF's documents are riddled with tales of mistrust and betrayal.
While the documents provide a personal perspective, they also hint at SBF's potential legal defense. Accused of diverting FTX customer funds to his hedge fund, Alameda Research, for various ventures, SBF faces a daunting legal battle. His writings suggest a strategy of shifting blame and highlighting external factors, potentially offering a preview of the courtroom drama set to unfold on October 3.
In a rather amusing revelation, it seems that SBF wasn't just crunching numbers and plotting crypto domination. No, our dear Bankman-Fried had a flair for the dramatic, reminiscing about a night in Taiwan that sounds more like a scene from "The Hangover" than a crypto conference. Titled "Tonight We Are Young," (because why not evoke the spirit of a 2012 pop hit?), SBF recounts a night of "booze, women, lasers, and loud, booming music."
But the pièce de résistance? His magnetic pull on Binance's CZ amidst the party chaos (we know how this romance ended). One can't help but picture a slow-motion scene, where amidst the blinding lasers and booming bass, CZ continually gets drawn to SBF, leaving his "eye candy" for some serious bromance. It's heartwarming, really. Or perhaps it's just the effect of too many tequila shots and the hypnotic beats of "We Are Young." Either way, it's a delightful sidenote to the rollercoaster saga of FTX's enigmatic leader. Cheers to young nights and unexpected embraces! 🍻🎉
Elsewhere:
- Ant Group Kicks Crypto for AI: Ant Group is giving up on crypto. The Chinese fintech titan is selling its $100 million stake in A&T Capital in favour of a focus on AI. A&T Capital invested in leading crypto firms including Matrixport and ConsenSys. The move comes as the crypto venture dropped 23% in June and the resignation of A&T Capital's founding partner, Yu Jun who faced allegations of sexual misconduct in the workplace. Earlier this month Ant Group unveiled a finance-specific AI model, which was tested for consumer and professional applications.
- New York Greenlights PayPal But Not Ripple: The New York Department of Financial Services (DFS) has updated its crypto ‘greenlist’ list, removing over two dozen tokens. Among the removed tokens are Ripple, Dogecoin, and Litecoin. Only eight tokens remain on the greenlist: Bitcoin, Ethereum, Gemini Dollar, GMO JPY, GMO USD, Pax Gold, Pax Dollar and PayPal Dollar.
- GG JPEX: JPEX has shut down some of its trading activities amid an investigation by the Hong Kong police. As of Monday, users will not be able to place new orders on its Earn Trading interface. Hong Kong's Securities and Futures Commission alleges that JPEX was operating as an unlicensed entity. Third-party market makers are in discussion with JPEX to aid a liquidity shortage caused by the investigation. Six have been arrested in the investigation, including influencer Joseph Lam Chok.
- Stoner Cats Become Strays: Mila Kunis and Ashton Kutcher voiced Stoner Cats NFT project has been removed from NFT marketplaces including OpenSea, Blur, and Rarible. The move follows charges filed by the SEC against the project for selling unregistered securities. Stoner Cats NFTs will continue to exist on the blockchain and in holders' wallets. The project sold 10,420 NFT passes in 2021 and generated over $8 million in primary sales. Creators settled with the SEC to pay a $1 million fine, establish a Fair Fund for investor reimbursement, and destroy any remaining NFTs in their possession.
