‘Fuck regulators’ SBF is behind closed doors: report

Despite publicly advocating crypto regulation to protect customers, Sam “SBF” Bankman-Fried, the founder of disgraced crypto exchange FTX, appears to share a serious disdain for regulators.

During the SBF's ongoing criminal hearing, Assistant US Attorney Daniel Sassoon asked if the crypto executive could recall his earlier tweet about supporting blockchain regulation to protect consumers. “I don't remember,” SBF said. Sassoon asked, “But privately, you're night monitors, aren't you?”

“I said it once,” replied SBF. Among other profanities, the former crypto executive said he views the “bunch of people” on Crypto Twitter as “stupid motherfuckers.” Prior to his arrest, SBF testified on crypto regulation before the US House Financial Services Committee in 2021.

“You said [regulations] It was PR [public relations]? asked Sassoon. SBF replied, “I said something like that.

On further questioning, the SBF also benefits from helping draft crypto regulation, including FTX taking market share from rival exchange Binance. Before FTX's collapse last November, SBF, along with sister hedge fund Alameda Research, said it held about $15 billion in customer deposits and lost $10 billion.

On November 8, 2022, Binance founder Changpeng Zhao signed a letter of intent to acquire FTX. A day after Binance looked at FTX's books and discovered the difference in assets, the contract was terminated. SBF in 2010 On November 7, 2022, customer net withdrawals hit $4 billion, or 100 times the average trading day.

OK – now the SBF trial continues live with Sam Bankman-Fried, cross this afternoon. Inner City Press is on it and will book and live-tweet the exhibit, following the series pic.twitter.com/HmDmEG3fL8

— Inner City Press (@innercitypress) October 30, 2023

Bankman-Fried's criminal trial continues and is expected to conclude early next week.

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