FTX Neva Bin Broke: Bankman-Fried Dey Blame Chapter 11 Lawyers
Sam Bankman-Fried talk say FTX never seize money and na only liquidity wahala them get. For one 15-page court talk, e yan say FTX get $25 billion asset and $16 billion equity, dem fit cover di $8 billion wey people withdraw. E bin accuse bankruptcy lawyer dem and CEO John J. Ray III say dem no talk true about FTX money matter to force Chapter 11, plus dem sell $7 billion in FTT tokens and assets for less than market value. Critics dey point to teyawa court papers and forensic check wey show say Alameda Research use secret backdoor borrow customer money as dem like, inflate dia balance sheet with FTT, cause $8 billion problem gap. That gap cause liquidity wahala wey wipe out $200 billion for crypto market value. Bankman-Fried, wey dem find guilty for fraud and conspiracy November 2023, dey serve 25 year jail and e dey appeal. Market no move much as traders dey think court finding against Bankman-Fried own talk.
Neutral
Bankman-Fried talk say FTX no never dey insolvent fit shape legal talk dem but e no add new info for traders. Market don already put insolvency risk and law wahala for price. Court record confirm say shortage of money come from how Alameda dey borrow anyhow. As e be, traders no go fit change their position based on this filing alone, so short-term price no go shift much. Long-term matter depend on appeal and if dem fit recover money, but people still dey cautious now.