Sam Bankman-Fried, former CEO of bankrupt cryptocurrency exchange FTX, says he did not defraud people.
Sam Bankman-Fried testified about the accusations against him at last day’s hearing. Former CEO of FTX, “he did not defraud anyone” And “did not take customers’ money” defended.
During his time managing FTX “he made some small mistakes, some big mistakes” Bankman-Fried agreed. “The biggest mistake was that we didn’t have a risk management team.” said.
During the hearing, Sam Bankman-Fried answered questions about his background, his former job, and how he founded Alameda Research and FTX.
What he aimed for when establishing FTX was to make it a derivatives exchange enlarge it and then It was to sell to a spot cryptocurrency exchange like Binance. But Binance instead own derivative platform founded.
Although Binance considered the idea of purchasing FTX, the exchange later abandoned this idea. Binance CEO Changpeng Zhao said in a statement in November 2022 “The problems (at FTX) are at a level that we cannot control or help.” he said.
According to Bankman-Fried’s statements, FTX’s daily volume was it was several million dollars. This issue is in 2019 tens of millions of dollars, rising to hundreds of millions of dollars in 2020.
Bankman-Fried, “By 2022, $10-15 billion worth of trading was being done per day.” said.