SBF Launches Substack, How Much Is He Charging Per 12 months?

FTX founder Sam Bankman-Fried (SBF) reappeared on Substack on Thursday and repeated that he didn’t “steal funds” in what appeared to be an overview of his legal case. SBF, currently unemployed and under house arrest, has done what gave the look of the subsequent natural step: he created a Substack newsletter and charged people $80 a 12 months to subscribe. 

Within the first post of the aptly-called “SBF’s Substack,” the disgraced former FTX CEO blamed the failure of the cryptocurrency exchange’s subsidiary company Alameda Research on Changpeng Zhao ‘CZ,’ the CEO of Binance.

An extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent,” SBF added that FTX was affected by the Alameda virus. “and other places.

The 2 chiefs of the crypto industry have openly sparred over CZ’s part within the FTX issue, which at one time involved a rescue proposal that was ultimately scrapped.

In accordance with SBF’s report on Substack, CZ had conducted an “extremely successful months-long PR campaign against FTX” before the crucial week or so in November that resulted within the exchange’s bankruptcy.

“I didn’t steal funds, and I definitely didn’t stash billions away,” SBF wrote.

In December, federal authorities detained SBF, but he was released on a record-breaking $250 million bond. Nevertheless, he has been under the custody of his parents at their Palo Alto home in California. 

Related Reading: Huge Crypto Dump Incoming As FTX Plans To Sell Altcoins Value $4.6B

The FTX founder is prohibited by the terms of his bail from establishing any latest lines of credit, forming a business, or engaging in any financial transactions greater than $1,000 without obtaining the needed government or court permission. Subsequently, it seems that he is not going to have the opportunity to monetize his Substack anytime soon.

No Funds Were Stolen, SBF Said in Substack

In his first post, SBF also covered other details about FTX’s bankruptcy. He claimed there had been no criminality, contrasting the liquidity issue that brought down FTX’s sibling company Alameda Research with other distinguished crypto crashes last 12 months.

“Alameda lost money on account of a market crash it was not adequately hedged for–as Three Arrows and others have this 12 months. And FTX was impacted, as Voyager and others were earlier.”

Although SBF stated within the post that he had not been accountable for Alameda for some time, Caroline Ellison, the corporate’s former CEO, was not explicitly mentioned. In an apparent agreement to help law enforcement of their probe into FTX—and SBF—Ellison entered a guilty plea to fraud charges in December with the co-founder of FTX, Gary Wang.

Despite the allegations of fraud he’s fighting, it looks like SBF plans to maintain blogging

I even have rather a lot more to say–about why Alameda did not hedge, what happened with FTX US, what led to the Chapter 11 process, S&C, and more. But at the very least this can be a start.

Amid the continuing scandal from recent months, the worth of the FTT token appears shaky. The token’s value has dropped by roughly 95% because the exchange filed for bankruptcy, from a high of $28 to its current value of $1.38 on the time of writing, with no likelihood of ever rebounding.

Cover image from the Recent York Post. FTTUSDT chart from Tradingview.

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