The founder of FTX and Alameda Research, Sam Bankman Fried, has never been quiet about his views.
Despite his mea culpa regarding the situation of his exchange platform’s collapse, he has always found ways to justify his actions on Twitter in order to appease his now former clients.
However, this time a real turnaround seems to have come for the confrontation with the young founder, now on the brink of bankruptcy.
Sam Bankman Fried will speak with New York Times columnist Ross Sorkin at the DealBook Summit on November 30 in New York.
Sam Bankman Fried has confirmed that he will be at the New York conference to discuss FTX
The FTX founder had long been scheduled to appear at the event, but after the avalanche of news that came out about him and his company, everyone hoped that the interview would not be canceled. In fact, at the moment, there is no definite news about how Sam Bankman Fried may be expected to attend the conference, whether in attendance or whether he will conduct the interview via video conference. But confirmation for attendance at the event was given by the very founder former CEO of FTX yesterday afternoon.
A New York Times spokesperson, in an email response to questions from The Block, said:
“At this time, we expect Mr. Bankman-Fried to participate in the interview from the Bahamas.”
The lineup for the event had already been unveiled on 18 October, long before FTX’s problems became an international issue, which in one way or another included the entire crypto ecosystem.
The event will be an opportunity to highlight all the unresolved problems of FTX, along with the man who made it all happen, Sam Bankman Fried.
The summit obviously has yet other purposes, namely to highlight top business and political leaders on one stage. Guests will include Ukrainian President Volodymyr Zelensky, US Treasury Secretary Janet Yellen, the Mayor of New York City, and Meta CEO Mark Zuckerberg.
Even though Twitter users have doubts as to the legality of Sam Bankman Fried’s participation, it will certainly be an opportunity to uncover all the issues that the former FTX community could not shed light on.
The attack by bankruptcy lawyers on FTX and its leadership
“Run by inexperienced and unsophisticated individuals,”
this is how the lawyers representing FTX in the bankruptcy process described Sam Bankman Fried and its executives, very harsh words but well justified.
Indeed, it was pointed out to the bankruptcy court by FTX’s attorneys that a considerable amount of the company’s assets were missing, either misappropriated or stolen.
Even the lawyers who were supposed to help the company in the bankruptcy were left with very limited information. James Bromley and Sullivan Cromwell (the bankruptcy lawyers) compared Sam Bankman Fried’s empire as his “personal fiefdom.”
Last Tuesday, FTX’s lawyers released to the bankruptcy court, FTX’s financial records. According to the documents, now belonging to the court, FTX has a cash balance of about $1.2 billion. However, this week, a list of FTX’s top 50 creditors shows that the company owes its creditors about $3.1 billion.
The list of creditors at the moment is still anonymous, with no names or figures owed to individuals. However, according to a New York Times report, it appears that about 500 people appear to have gained access to the court’s Zoom broadcast last Tuesday.
The FTX exchange company is now in the hands of lawyers, judges and new CEO John J Ray III. The lawyers said they understand the many people who are trying to get their investments back immediately, and the whole team is working to make that happen, as soon as possible.
The new CEO of FTX, John J Ray III, is certain that this failure is worse than the one with Enron, and the legal team is tasked with “bringing order to the mess.”
The situation is very complex; FTX also suffered a series of cyber attacks at the time of the breach of the company’s wallets on the day it filed for bankruptcy protection.
Bromley and his legal team, have also had to deal with FTX’s numerous headquarters changes. In fact, the company has changed headquarters several times, moving to different states such as Berkeley, California, Hong Kong, the Bahamas, and Miami.
Apple wants to make a movie about Sam Bankman Fried and the fall of FTX
Apple is close to a deal to buy the rights to Michael Lewis‘ book, which tells the story of former FTX CEO Sam Bankman Fried and his collapsed reign.
According to the first information branched out by Deadline, once the negotiations are concluded, work will immediately begin on a feature-length adaptation, which if all goes according to the rumors, will allow Apple to produce a new, high-impact original content for its Apple TV platform.
The amazing thing, as anticipated at the outset, is that Lewis followed Bankman-Fried for at least six months before learning of the sad denouement, and almost certainly the author was able to get an inside look and get an accurate idea of the story.
With Lewis’s resume and the likely involvement of Adam McKay, director of “The Big Bet,” there could be all the ingredients for a successful production.
In any case, it is simply absurd that there is already talk of a film while the economic issues are still ongoing.