Despite his public support of crypto regulation, SBF held a deep disdain for regulators behind closed doors.
Despite publicly supporting drafting crypto regulation to protect customers, disgraced crypto exchange FTX founder Sam “SBF” Bankman-Fried appears to have shared a deep disdain for regulators.if the crypto executive could recall his previous Twitter statements regarding his support of blockchain regulation to protect customers. “I don’t remember,” SBF said.
“I said that once,” SBF replied. Among other profanities, the former crypto executive also stated that he viewed a “subset of people” on Crypto Twitter as “dumb motherfuckers.” Before his arrest, SBF testified in a 2021 hearing before the U.S. House Financial Services Committee on crypto regulation.During additional questioning, SBF also claimed that the benefits of helping draft crypto regulation included assisting in FTX taking market share from competitor exchange Binance.
On Nov. 8, 2022, Binance founder Changpeng Zhao signed a letter of intent to acquire FTX. The deal fell apart just a day later after Binance reportedly viewed FTX’s books and discovered the asset discrepancy. SBF recalled that on Nov. 7, 2022, customer net withdrawals amounted to $4 billion, or 100 times the volume of an average trading day, sending the company into a deep liquidity crisis.
OK - now SBF trial with Sam Bankman-Fried still on direct, this afternoon the cross. Inner City Press is on it
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