Former BitMEX CEO Arthur Hayes has taken to Twitter to express his thoughts on the recent issue with FTX following the most recent attempt by Sam Bankman-Fried, the exchange's disgraced founder, to save his face.
In the thread, Hayes suggests that the focus should be shifted away from Alameda Research and their hedging strategies back to FTX's own risk management and why some clients were treated differently than others.
"Tell us why you thought it was a good idea to give your hedge fund an account with the liquidation feature turned off?” Hayes went on to ask Bakman-Fried the pointed question.
He believes that if FTX had liquidated Alameda just as they have done with other customers in the past, FTX would still be functioning properly.
Hayes ended the thread by calling out FTX's lack of transparency regarding their own practices and operations. He demands answers to the questions. "Why were some clients treated differently than others" and "how did FTX approach risk management at the FTX level?"
In a surprise move, the disgraced crypto mogul recently announced the launch of his own Substack newsletter despite the pending criminal trial against him. In a post titled “FTX Pre-Mortem Overview,” Bankman-Fried professed his innocence following the collapse of FTX, an industry giant that achieved a valuation of nearly $32 billion only two years ago.
Bankman-Fried hopes to prove that he was wrongly forced into bankruptcy and believes he can repay all customers, denying accusations of fraud.