Former FTX chief executive Sam Bankman-Fried, who pleaded not guilty to multiple federal criminal charges in Manhattan last week, has blamed failings at his hedge fund Alameda Research for the collapse of his cryptocurrency empire, according to a report by CNN.

The report cites a lengthy blog post by the former crypto star, who is currently under house arrest at his parents' home in California after posting a $250 million bail bond, in which he sets the blame for the collapse of his cryptocurrency exchange squarely at the door of Alameda Research.

“Alameda failed to sufficiently hedge against the risk of an extreme market crash: the hundred billion of assets had only a few billion dollars of hedges,” he writes. “I didn’t steal funds, and I certainly didn’t stash billions away.” 

And Bankman-Fried goes on to distance himself further from blame saying that Alameda Research was a business he hadn't been in charge of for the “past few years,” having appointed his onetime girlfriend, Caroline Ellison, as sole CEO in 2022.