{"id":85653,"date":"2023-10-12T15:49:41","date_gmt":"2023-10-12T12:49:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85653"},"modified":"2025-09-13T00:37:43","modified_gmt":"2025-09-12T21:37:43","slug":"sbf-accuses-binance-of-leaking-alameda-research-balance-sheet","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sbf-accuses-binance-of-leaking-alameda-research-balance-sheet\/","title":{"rendered":"SBF accuses Binance of leaking Alameda Research balance sheet"},"content":{"rendered":"<p>The document presented during the trial against Sam Bankman-Fried (SBF) in November 2022 shows that FTX founder viewed Binance as a main competitor and accused its leadership of leaking confidential information to the media. This is reported by <a href=\"https:\/\/www.theblock.co\/post\/256071\/sbf-wrote-that-binance-leaked-balance-sheet-to-coindesk-in-internal-memo-court-evidence-shows\">The Block<\/a>.<\/p>\n<p>In particular, he attributed the leak of Alameda Research&#8217;s balance sheet to CoinDesk to the largest cryptocurrency exchange by market capitalisation.<\/p>\n<p>On November 2, the publication, citing a &#8216;private document&#8217;, reported that FTX&#8217;s trading subsidiary was in a potentially precarious position, as most of its collateral consisted of the FTT token.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[Binance] leaked the balance sheet, wrote about it in a blog post, handed it to CoinDesk, and then publicly announced that they were selling $500 million of FTT, while urging customers to fear FTX,\u201d according to the SBF memo.<\/p>\n<\/blockquote>\n<p>That sequence of events likely served as a catalyst for the collapse of FTX and Alameda, as, after the escalation of <span data-descr=\"fear, uncertainty and doubt \u2014 fear, insecurity and doubt\" class=\"old_tooltip\">FUD<\/span>, clients rushed to withdraw funds, and collateral was insufficient.<\/p>\n<p>In the same document, SBF named Tron founder and HTX adviser Justin Sun as a potential investor, but left a note \u2014 \u201cclose to [Binance chief] Changpeng Zhao.\u201d<\/p>\n<p>SBF also stressed in the memo that FTX was \u201csufficiently capitalised, but not infinitely liquid.\u201d However, the document carried a footnote stating that of the $12 billion in client funds available for withdrawal, only one third \u2014 $4 billion \u2014 was accessible.<\/p>\n<p>Earlier, former Alameda programmer <a href=\"https:\/\/forklog.com\/en\/news\/former-alameda-employee-recounts-190m-loss-due-to-lax-security\">told<\/a> how the firm lost at least $190 million due to lax security practices. Many employees at the company fell for phishing and fraud.<\/p>\n<p>Earlier, former CEO Caroline Ellison testified in court. She said that SBF <a href=\"https:\/\/forklog.com\/en\/news\/former-alameda-head-bankman-fried-sought-to-become-us-president\">planned to become president<\/a>, and also shared <a href=\"https:\/\/forklog.com\/en\/news\/former-alameda-chief-cites-the-things-that-made-sam-bankman-fried-lose-it\">a list of things<\/a> that irritated him.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The November 2022 court document shows that FTX founder Sam Bankman-Fried viewed Binance as a main rival and accused it of leaking confidential information to the media.<\/p>\n","protected":false},"author":1,"featured_media":85654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1162,1236,1403],"class_list":["post-85653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-court-cases","tag-ftx","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85653"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85653\/revisions"}],"predecessor-version":[{"id":85655,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85653\/revisions\/85655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85654"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}