As we’ve seen over the past few days, Sam Bankman-Fried is not necessarily the most subtle when it comes to communication. And he just proved it again in a conversation that leaked yesterday on the networks. The ex-CEO of FTX talks about his charity initiatives, which he says were a front, and other lies that were leaked to the press. We take a look at his unfiltered statements
Sam Bankman-Fried talks about his “façade “
The mask is off. Sam Bankman-Fried’s true personality has begun to reveal itself over the past two weeks as more has been learned about his lifestyle habits, or mistakes. And a leaked Twitter message between him and a journalist has added fuel to the fire.
The ex-CEO of the now defunct FTX reportedly contacted a Vox journalist late at night on 15 November, and was strangely open about his real views. The messages have also been confirmed by Sam Bankman-Fried, so we know they have not been faked.
The reporter asked SBF “So all the ethics stuff – it was mostly a front?”, and the answer was clear:
” Yes. I mean, that’s not the whole answer, but that’s the biggest part. “
To which the reporter pointed out that Sam Bankman-Fried was “very good at talking about ethics,” for someone who actually has a Manichean worldview. SBF admits it was all for a purpose:
“Yes, haha. I had to be, that’s what reputations are based on, partially. “
” Fuck the regulators “
Sam Bankman-Fried also reveals that he is not as open to regulation as he claimed to be. The journalist asked him if his efforts to promote “good” regulation were communication, rather than a conviction. Yes, according to SBF, who has a rather nihilistic view of the ecosystem
“There isn’t really anyone who makes sure that good things happen and bad things don’t happen. […] It was just communication. Fuck the regulators, they are complicating everything and not protecting customers at all. “
SBF says regulators lack the capacity to distinguish between what is beneficial and negative for the ecosystem. He says that no regulator can really protect consumers, and that the only rule that exists is:
“Only the rich can invest; only they can make or lose money. “
Rivalry with Changpeng Zhao persists
Sam Bankman-Fried also reveals in his posts that he did not want to do anything shady on behalf of FTX… But mostly because “the negative effects” would have been hard to handle. SBF was indeed known for its apparently philanthropic stance, judging that if an action could have a negative effect, it should not be undertaken.
But that too was a façade, according to the former CEO of FTX:
“All the stupid things I said… It’s not true, not really. “
Including his position on Changpeng Zhao, the CEO of Binance? Sam Bankman-Fried had warmly thanked his rival when the latter had wanted to buy FTX. But it was all about money, and SBF considers that CZ has won the war :
“Now [CZ] is a hero. Is it because he is virtuous? Or because he has the biggest balance sheet? So he won. “
Sam Bankman-Fried’s biggest mistake
Sam Bankman-Fried also talks about his biggest mistake, which he bitterly regrets.
“I messed up, massively, and several times. But you know what might be my biggest mistake? […] Chapter 11. If I hadn’t done that, withdrawals would be open again in a month for customers. “
He believes the “collateral damage” from the bankruptcy filing will outweigh what might have happened if he had simply decided to raise $8 billion to pay off creditors. And that’s exactly what he’s trying to do now:
I have two weeks to raise $8 billion. That’s basically all that matters for the rest of my life. “
Sam Bankman-Fried’s leaked messages thus depict a man far more cynical and opportunistic than the image he portrayed – especially about his supposed generosity. The fall has been harsh, and particularly rapid for the man who was still considered a role model in the ecosystem three weeks ago.
SBF’s candour is surprising, and it will do nothing to appease investors… Nor the new CEO of FTX, who has been forced to distance himself from his predecessor:
(3/3) Mr. Bankman-Fried has no ongoing role at @FTX_Official, FTX US, or Alameda Research Ltd. and does not speak on their behalf.
– FTX (@FTX_Official) November 16, 2022
“Mr. Bankman-Fried has no current role at FTX, FTX US or Alameda Research, and he does not speak for them. “
If some believed that the FTX affair would gradually subside, this does not yet appear to be the case.
