The SEC's complaint. It's a brutal read if you're Sam:
https://www.sec.gov/litigation/complaints/2022/comp-pr2022-2...
https://www.sec.gov/litigation/complaints/2022/comp-pr2022-2...
I assume they have the evidence, and while what SBF was saying (we never touched customer funds etc.) was never particularly credible - it blows up the narative that he has maintained to date. Indeed much of the case is built on his public statements (and testimony) being false.
He alludes to it here: https://youtu.be/4o_jPzBZSIo at 11:58 or so, where he mentions “before FTX had its own bank account.”
I know there’s a longer explanation, but that’s the best citation I can come up with off the top of my head. In the longer explanation, he specifically says that creating a bank account for a new company can be difficult, so they used Alameda’s bank account as they waited for a bank account specifically for FTX.
This goes specifically with point 31 in the document. Of course, they’ll have better evidence once they go through discovery, but this moron has been on a self-incrimination tour. I’d call it a wild success!
It stretches credulity very far to believe someone running a financial institution did not know this.
1) SBF cared about traditional rules of banking/finance
2) SBF cares about doing things the 'right way'
He may have been doing it purposefully wrong, or he may have just wanted to do it as fast as possible ("Move Fast and Break Things") and so he skipped the requesite steps to get to what he wanted done, faster.
Not a justification for his actions, but simply why he may have done it
They do not - they actively reject such rules
> 2) Crypto cares about doing things the 'right way'
In crypto, the "right way" is the way that you make money - the "right way" is also the traditional way.
And lots of armchair lawyers have been deeply triggered by how the "media" have been proven to be corrupt and in on the scam by allowing him to speak. If there is any conspiracy here it is that the media were doing the bidding of the DA to get SBF to talk the nonsense he has been, trap him and put a massive bow on an easy prosecution.
It's a bit sad, as he appears delusional. A less forgiving viewpoint would be that his background cultivated his sense of being untouchable; that it was just a case of having another go.
But not as sad as the people who lost money they couldn't afford to lose.
Yeah, he thinks he'll look better as delusional than criminally greedy and apparently he's right