SBF Explains $8 Billion Hole In FTX And Alameda

December 2, 2022

Sam Bankman-Fried has explained about $8 billion hole in FTX and its Alameda Research.

In response to the Bloomberg journalist’s question “You misplaced $8 billion? SBF replied that it is mis-accounted.

“Where did the $8 billion go?”, To this, SBF listed Alameda Research and FTX’s biggest cash flows.

The hole that needed to be plugged was growing: FTX first put it at $2 billion, then $5 billion, then finally more than $8 billion.

The Bloomberg report also revealed that SBF and a skeleton crew of remaining employees spent the past weekend trying to raise funds to plug FTX’s $8 billion hole and repay customers.

One of the biggest expenses is paying a net $2.5 billion to Binance to buy out its investment in FTX, SBF claimed in the interview.

In the interview, SBF also listed $250 million for real estate, $1.5 billion for expenses, $4 billion for venture capital investments, $1.5 billion for acquisitions and $1 billion labeled "fuckups".