‘No Cooperation’: How Sam Bankman-Fried Tried to Hang on to FTX

“Sam, this is an excellent choice and I sincerely hope you sign tonight,” Mr. Dexter wrote in an email on the evening of November 10. progress.”

A flurry of emails followed. In a message at 3:38 a.m. on November 11, Mr. Miller asked for an update on Mr. Bankman-Fried’s decision. “I’m talking to Sam,” replied Ken Zeeman, the attorney for Paul Weiss who was representing Mr. Bankman-Fried.

Ten minutes later, Mr. Zeeman confirmed that Mr. Bankman-Fred had signed the document, allowing Mr. Ray to take over FTX. The company filed for bankruptcy a few hours later.

Deposit was hardly the end of the mess. The court filing listed more than 130 corporate entities associated with FTX, including its US arm and Alameda, the hedge fund. But the filing was inaccurate: some of the entities were not owned by the exchange. They belong to AZA Finance, a separate company that recently partnered with FTX to promote cryptocurrency in Africa.

Pretend FTX He confessed The error. But in a Nov. 11 Slack letter to Miller and other officials, Elizabeth Rossello, CEO of AZA Finance, called the mistakes in the bankruptcy declaration “a storm of unbridled irresponsibility.”

“This hurts the 9 years of work we’ve put in to create this platform!!” I wrote.

Mr. Miller responded defensively. “We didn’t cooperate with the founders in preparation this week,” he said. “That was unfortunate.”

Mr. Bankman Fried was also disappointed. Despite relinquishing control of FTX, he continued to contact potential investors about new funding for the exchange. In a letter to his former colleagues last week, he said he regretted filing for bankruptcy, claiming that “potential interest in billions of dollars in funding came about eight minutes after I signed my Chapter 11 documents.”

He did not provide any evidence for this claim, and in any case, FTX is no longer his company that he runs. On the morning of November 11, Mr. Miller moved quickly to clarify this, ordering that information about the company’s longtime leadership be deleted from its website.

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