Earlier this week, a clip made its way online featuring Portnoy, 44, and a woman together naked. The identity of the woman in the video was unconfirmed until Wednesday when Raines confirmed it was her in a statement on Instagram in which she called herself the "one and only true insider to the 'scandal.'"
"I became aware yesterday that a video has surfaced on the internet and yes, that was me," she began. "Its [sic] hard to believe that a video from the past is just coming to light but it was never meant to be public."
The social media personality ensured that while some may not approve of the video and its contents, "it was entirely consensual."
Raines also said that she and Portnoy remain friends and have "no animosity" between them.
"People need to realize that we all endure obstacles in our lives and this just happens to be mine," she continued. "I won't label this as a mistake since we have both taken responsibility for it, but the fact that it was leaked and posted without our awareness and consent would be considered the true mistake."
The star insisted that she'd continue with her regular life "without vexation" after coming forward about the leaked sex tape.
She signed the note: "With no apologies, Syd."
The model seems to be in good spirits over the matter, as she had fun in the comments as well.
"I approve this message," she responded to a fan who suggested she start a podcast called "Collar Daddy," reportedly in reference to a leather collar that was around her neck.
"Just glad your neck is ok!" another follower wrote, to which Raines responded: "If you know a good chiropractor let me know!"
After the video leaked, Barstool's stock took a dip, which ultimately caught its founder's attention on Tuesday, though there has been no proven connection between the two.
"A stock is down because somebody has consensual sex? Are you f------ kidding me?" Portnoy said in a video message posted to Twitter.
At the conclusion of the video, the Barstool founder encouraged investors to turn the situation into an opportunity and "buy the dip."
In addition, Portnoy told FOX Business on Tuesday that there’s absolutely nothing wrong with the dated video besides the fact that it’s being illegally distributed. He said the correlation in stock movement just seems "dumb."
"Somebody committing a crime by leaking an old video of sex between two consenting adults seems like a dumb reason for a stock to go down," he said. "As far as I know, nobody would exist on Earth without intercourse. And anybody who shared or watched it committed a federal crime. It was never meant for public consumption. Either way, it presented a good buying opportunity in my mind."
FOX Business' Angelica Stabile contributed to this report