Summary:
- SBF tweeted approval for a social media post suggesting restarting FTX and issuing new FTT tokens to users.
- Bankman-Fried hailed the proposal as a “productive path for parties to explore”.
- The suggestion was tweeted by Ran Neuner, a crypto influencer and coin Shiller who goes by CryptomanRan.
Fallen crypto tycoon Sam Bankman-Fried opined that restarting bankrupt crypto exchange FTX and issuing a new version of the FTT token to users could facilitate relief for users frozen out of their assets.
Indeed, SBF agreed with a post from Ran Neuner who tweeted an FTX “recovery proposal. CryptomanRan, as Neuner is known on Crypto Twitter, also proposed distributing the new FTT tokens to FTX clients. “Accrue 100% of profits to token holders” Neuner added.&
Sam Bankman-Fried responded a few hours later with support for the idea to issue new tokens to users. SBF hailed the suggestion as a “productive path” for creditors to consider.
CT Backlash
Crypto Twitter was awash with skepticism and critique for the suggestion. Ripple CTO David Schwartz pressed about funding, also noting that profits were “already allocated”. Benjamin Cowen rebutted the idea as an attempt to fix a sh*tcoin with a sh*tcoin.&
Sam Bankman-Fried To Testify In Washington&
On Friday, SBF also tweeted to confirm an appearance before lawmakers in Washington DC. Bankman-Fried will testify before the House Committee on Financial Services on December 13, 2022. The FTX founder previously refused the request, claiming incomplete insight into how the crypto exchange crashed.&
Sam Bankman-Fried traded jabs with other crypto CeFi execs from rival companies and bankrupt entities alike. SBF and Binance Changpeng Zhao engaged in heated replies after CZ called out Kevin O’Leary for accepting $15 million to promote FTX.
Bankman-Fried squared up with Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital, over allegations that FTX manipulated the price of TerraUSD (UST) and contributed to Luna’s crash.&
Notably, U.S. prosecutors were investigating FTX and SBF in connection to Luna and 3AC’s collapse when this report was written.&
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