In November, Sam Bankman-Fried was CEO of one of the biggest crypto companies in the world. Now he's writing Substacks from his childhood home.
Sam Bankman-Fried, the disgraced former CEO of FTX whose collapse triggered a stunning crypto meltdown, is speaking out from his family home in Palo Alto.
The essay underlined the chaotic volatility in crypto and the cutthroat competition in an industry as Bankman-Fried openly blamed the FTX crash on bitter rival Binance and its CEO Changpeng Zhao. “FTX International and Alameda were both legitimately and independently profitable businesses in 2021, each making billions,” he said.
He said FTX was struggling to navigate the crypto crisis when the head of crypto’s biggest exchange made public pronouncements on Twitter that proved catastrophic for his company: “Then came CZ’s fateful tweet, following an extremely effective months-long PR campaign against FTX–and the crash.”
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