The Final Words of SBF Court Before Sentencing to 25 Years: Apologies to FTX Colleagues
FTX founder Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison, as confirmed by Inner City Press, a freelance journalist reporting from the courtroom. Below is a transcript of SBF’s final statement during the trial.
(Update: FTX founder SBF sentenced to 25 years in prison)
(Main creditor Sunil Kavuri first argued in court about the severity of the victims and the lack of “full compensation.” FTX sold many assets at a low price, causing damage to the creditors’ interests. Then it was SBF’s turn to speak…)
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SBF apologizes to FTX colleagues
SBF emphasizes that neither Alameda nor FTX went bankrupt
SBF acknowledges his inability to influence the sentence and emphasizes his continued efforts to help
SBF states that he agrees with most of what Sunil said, that they were stripped of their interests and waited for a year and a half.
“What’s important is my FTX colleagues. I abandoned everything they built. They are disappointed. I apologize for that. I apologize for everything that has happened at each stage. I should have done and said the things I shouldn’t have done. I care about everything.”
“They followed me around, working until 2 am… I remember, there were so many of them. Natalie taught herself to become a master of the operations and media department. She did the work of ten people alone. I gave my brother a crazy idea of how to save lives.” He mentioned former FTX PR head Natalie.
He then mentioned CTO Gary. “One day, Gary sent me a message, a link to a cryptocurrency exchange – the entire industry rebuilt itself in the image created by Gary. Many things he built became industry standards.”
SBF mentioned Alameda. “I received an anonymous message telling me how to fix it. Obviously, it was from Nishad, who is known for his humility. And Caroline, quite remarkable, self-taught almost, seeking my advice on employee evaluations.” He referred to former FTX Engineering Director Nishad Singh and Alameda CEO Caroline.
SBF: “They put their heart and soul into it, and then I abandoned everything. It haunts me every day. I made a series of mistakes. These decisions were not selfish. These decisions, along with other factors, led to the crisis.”
SBF stated that Alameda did not go bankrupt, nor did FTX. But Alameda lost its revenue, and its leverage was higher than it should have been. We had to liquidate to deal with the outflow of funds from FTX. Then we shut it down. FTX could have survived, but Alameda couldn’t. Those weeks were unpleasant.
SBF said, “I made many mistakes. But that is not the end of the story. Customers were not compensated. FTX did not survive. Customers received conflicting claims. This caused a lot of damage. They could have received full compensation.”
SBF emphasized that there were enough assets, and it was not due to the rise in cryptocurrency prices. He admitted to a liquidity crisis, partly caused by himself.
He admitted that FTX was hacked a few days after the bankruptcy, and Bahamas Securities Commission official Christina Rolle came to FTX headquarters to ensure that funds would not further flow out until three in the morning that day.
“I am the CEO of FTX, I am its leader. That means ultimately I am responsible. No matter how bad things turn out, if you’re the CEO, it’s your responsibility. I’m not the ultimate most important person. I may have given my life. I gave everything I could, and I can’t do that from prison.”
SBF said, “I cannot influence whether I get a 5-year or 40-year sentence. I know how the prosecutor views me, as well as the court and the media.”
“In the end, it seems that customers will be compensated based on the current value of the assets. The same goes for lenders and investors. I guess I wish I could have done more to help with that, and I think I failed in that regard.”
“There’s a chance to do what I wish I could have done for the world, rather than what I ultimately did. If people can give everything they can for the world, I hope I can see their success, not just my failure. Thank you.”
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SBF
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Further reading
Update: FTX founder SBF sentenced to 25 years in prison
SBF argues that there were no losses for users, John Ray: Only 105 bitcoins were left when taking over FTX.
