The Blame Game: Sam Bankman-Fried’s Congressional Testimony and His Quest for Innocence

The Arrest and Confession

On December 12, former FTX CEO Sam Bankman-Fried, affectionately dubbed SBF by his followers, found himself in a rather sticky situation: arrested just a day before he was scheduled to testify remotely before Congress. Talk about timing! It’s almost like he wanted to turn his testimony into a grand drama.

Shifting Blame: A Masterclass

In his testimony, which was thankfully intercepted by Forbes (thank you, investigative journalism!), SBF pulled a classic move from the blame-shifting playbook. Instead of taking responsibility for the catastrophic collapse of his $32 billion empire, he insisted on redirecting the finger towards everyone else—because, why not?

FTX.US: Totally Solvent… According to SBF

Sam confidently asserted that FTX.US, the sibling of his global crypto exchange, was still “fully solvent.” You know, despite being a part of that messy Chapter 11 bankruptcy filing back on November 11. In a dramatic twist, he lamented about a fateful click on Docusign at 4:30 AM, which supposedly opened the gates to disaster. What’s next? A bad haircut as a form of regret?

Pointing Fingers at John J. Ray III

Not one to accept his fate gracefully, SBF laid the blame for FTX.US’s inclusion in the bankruptcy right at the feet of John J. Ray III, the restructuring whiz who stepped in post-collapse. According to Sam, Ray had turned the tide against American customers who, he claimed, were protected only “until Mr. Ray’s team took over.” Definitely sounds like Ray was the villain in this theatrical production.

Ray’s Counterattack: Corporate Chaos Unleashed

Meanwhile, Mr. Ray had a field day during his own testimony, critiquing SBF’s management and calling out the lack of any semblance of corporate governance. He claimed he had never witnessed such an “utter failure of corporate controls.” That’s some serious shade, proving that SBF’s corporate leadership strategy needed more than just a gloss of confidence—it needed a full-on makeover.

Pressure from the Legal Team: Sullivan & Cromwell’s Role

No stone was left unturned as SBF also fingered the law firm Sullivan & Cromwell, claiming they pressured him into filing for Chapter 11. Ironically, he was the one signing the documents. With 19 pages of screenshots in tow, he shared that he felt like a reluctant participant in a game of corporate chicken.

Ryne Miller: The Fall Guy?

Adding to the drama, SBF accused FTX.US general counsel Ryne Miller of being part of this dastardly crew, painting him as a villain in his own reality show. So, who’s really pulling the strings here?

Blaming Binance: A Final Act of Desperation

As if that wasn’t enough, SBF took a swing at Binance’s CEO Changpeng Zhao, alleging that they had concocted a month of negative PR aimed specifically at FTX. This included a sketchy letter of intent to buy out FTX, which SBF claimed was merely a ruse. Seriously, if there were an Oscar for blame-shifting, SBF would be a strong contender.

Conclusion: Stage Left or Stage Right?

As SBF’s saga unfolds, one can’t help but watch with a mix of amusement and horror. In a world where everyone is quick to point fingers, it seems like SBF has turned it into an art form. Whether he’ll take center stage again remains to be seen, but for now, the spotlight is on him—and it’s a hot one.