SBF had detailed info on Alameda’s finances as recently as March, Forbes reveals

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In con­trast to Sam Bankman Fried’s recent claims that he wasn’t aware of Alameda’s posi­tion, Forbes recent­ly released its com­mu­ni­ca­tion with SBF when draft­ing their bil­lion­aires’ list, indi­cat­ing that he was well versed in Alameda’s finances.

Dur­ing his recent inter­view with the New York Times, the ex-CEO said Alame­da made risky invest­ments on the FTX plat­form because it had too much lever­age and that he did not under­stand what the com­pa­ny was doing.

“It’s not a com­pa­ny I run. It’s not a com­pa­ny I have run for the last cou­ple of years. And Alameda’s finances I was not deeply aware of. I was only sur­face-lev­el aware of Alameda’s finances,” SBF stat­ed dur­ing the interview.

Amid these devel­op­ments, inter­est­ing­ly, a few bil­lion­aires came to Bankman-Fried’s defense.

Along with Bill Ack­man, FTX investor O’Leary, also a spokesper­son for the exchange, expressed his sup­port for Bankman-Fried. 

Forbes’ recent revelations about SBF tell a different story

Bankman-Fried sent Forbes doc­u­ments show­ing his own­er­ship stakes in Alame­da (90%) and FTX (about 50%) and screen­shots of wal­lets hold­ing cryp­tocur­ren­cies in Jan­u­ary 2021. 

Accord­ing to the rev­e­la­tions, he sent a Google Sheet list­ing his assets, includ­ing FTX equi­ty, 67.8 mil­lion Solana tokens, 193.2 mil­lion FTT tokens, and 3 bil­lion Serum tokens.

Fol­low­ing that, Forbes also caught peri­od­ic mod­i­fi­ca­tions to the Google sheet when cal­cu­lat­ing the annu­al World’s Bil­lion­aires list.

As cryp­to prices rose, Alame­da increased its share of FTT tokens to 195.8 mil­lion. As a result, the “Alame­da funds under man­age­ment, approx.” row read $37,605,602,157. 

“A sep­a­rate col­umn, list­ing only tokens that were unlocked–meaning able to be transacted–pegs Alameda’s total funds at a more mod­est $14.7 bil­lion. Updates like this arrived periodically–practically when­ev­er Forbes asked for them,” Forbes stated

The Google Sheet was then mod­i­fied in Sep­tem­ber 2021 to include an updat­ed tab, “Alameda’s funds under man­age­ment,” which had grown to $37.6 bil­lion, $16.8 bil­lion, count­ing only unlocked tokens. 

It was in March 2022 that Bankman-Fried updat­ed the spread­sheet again with addi­tion­al details about Alameda’s own­er­ship share. FTT hold­ings were down to 176 mil­lion tokens; Solana was down to 53 million. 

SBF again guid­ed Forbes through his net worth two months before FTX col­lapsed, pro­vid­ing a table of FTX and FTX U.S.’ largest share­hold­ers. On a new tab in the spread­sheet, Alameda’s hold­ings were also shown, with 53 mil­lion, 3 bil­lion, and 176 mil­lion shares of Solana, Serum, and FTT, respectively. 

At the time, Bankman-Fried’s man­age­ment share of Alameda’s funds totaled $8.6 bil­lion, or $6.4 bil­lion, count­ing only unlocked tokens. 

Some Twit­ter users have tak­en shots at the for­mer CEO of FTX fol­low­ing the recent revelations:

Forbes stat­ed.

“The lev­el of detail Bankman-Fried pro­vid­ed to Forbes over the years shows that he had detailed knowl­edge of some of Alameda’s hold­ings and at least some knowl­edge of the trans­ac­tions it was mak­ing, espe­cial­ly in 2021, despite step­ping back from run­ning the hedge fund after cofound­ing FTX in 2019.” 

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