Sam Bankman Fried, former chief executive officer of Cryptocurrency exchange FTX collapsed, apologizing Wednesday in Interview for Much of mistakes” just After the surprise crash and bankruptcy of the company, saying he did not act fraudulently on purpose.
“I’ve never tried that commit Forgery on anyoneBankman Fried said at the Dealbook Conference hosted By CNBC and The New York Times.
“I am terribly sorry for what happened,” Bankman-Fred said. “Obviously I am made Much of Errors or things I can do give Anything can be done over again. “
Bankman-Fried, who appeared via video from the Bahamas, wearing his trademark t-shirt, said he was “shocked” by so many of Details that have surfaced amid the collapse of the cryptocurrency platform, which depict problems It stemmed from lax oversight and corporations controls rather than with intent to defraud.
On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection While facing A huge funding shortfall and a flood of Withdrawals from panicked customers. The company was at its peak worth About 32 billion dollars.
At that time, FTX acquired about $10 billion in Customers’ money without permission, according to the Wall Street Journal.
Focus a lot of attention on Relationship between FTX and Alameda Research, a subsidiary trading a company.
Pankman Fred acknowledged an “embarrassing” deficiency. of Pay attention to conflicts of interest between the two companies, but he insisted he had not been informed of the details on Alameda did not run Alameda.
He didn’t think it was “existential.” risk
Among the revelations, the digital Currency news CoinDesk reported on November 2 that Alameda’s balance sheet was heavy built on FTT – a token Created by and not based on FTX on a asset with independent value.
the value of FTT fell in Early November as Alameda and FTX both broke out and never recovered.
Bankman Fred said it was also I was surprised at the scale of Alameda parking on FTX that was turbulent and that finally stressed the company.
“I didn’t think it was existential for FTX,” Bankman Fred said of Alameda financial stress, adding that he believes that problem will finish up get some small Effect on FTX, but it’s not great oneNot one that hurt customers at all.”
Bankman-Fried said he didn’t know to intentionally “pool” the money between the two companies.
FTX’s new CEO, John J. Ray, his predecessors in (a) November 17 filing in bankruptcy court.
“Start in I have seen my career like this complete failure of big company controls and quot; complete Absence of Trustworthy financial information It just happened here,” Ray said in filing.
of the integrity of compromised systems and defects regulatory Censorship abroad to focus of control in the hands of very small group of “This situation is unprecedented for inexperienced, non-technical and potentially vulnerable individuals,” he said.
Bankman Fried on Wednesday said he was not aware he was the subject of a criminal investigation, adding that he had rejected his lawyer’s advice to remain silent now.
“I own duty to explain what happened. I think I have duty …if there is anything i can do to try and help Client out over here.”
Bankman Fried suggested American investors in FTX managed to recoup its losses but did not make it clear how This may happen.
