Attending the New York Times event Sam Bankman-FriedThe FTX crash left question marks about the funds. Here are the details of the former CEO’s speech at the event.
Sam Bankman-Fried, who attended the New York Times event, left questions unanswered in an interview with Ross Sorkin. In addition to the unanswered questions, the SBF took responsibility and did not even make a ‘sorry’ comment.
According to SBF, the collapse of the FTX stock market was due to the untimely market crash. Although the lawyers advised the SBF not to make the speech in question, he attended the meeting.
Sam Bankman-Fried: I Didn’t Try To Scam!
“I never tried to commit fraud,” said Bankman-Fried.
Bankman-Fried’s FTX.com and FTX US exchanges were once valued at $40 billion. But things got mixed up after a CoinDesk report from FTX-affiliated Alameda Research. Irregularities in financial details progressed to the bankruptcy of companies.
Koinfinans.com As we reported, FTX filed for Chapter 11 bankruptcy. Preliminary court proceedings reveal that billions of dollars in FTX client funds were not accounted for.
Bankman-Fried admitted he was uneasy after the CoinDesk news broke on November 2. However, he also stated that he does not think it is important enough to create a crisis for FTX.
One theory is that Bankman-Fried improperly transferred these funds between the FTX exchange and Alameda. Alameda Research and spent those funds in a series of bad transactions. When asked repeatedly by Sorkin if he had improperly taken customer deposits and made loans to Alameda, Bankman-Fried said he “did not knowingly mix the funds.”
Sam Bankman-Fried claimed that these problems were caused by accounting. This is why inconsistencies in the company’s financial reports and the stock market emerged.
Sam Bankman-Fried, who showed that he was not very comfortable during the interview, often expressed his surprise. Although it is claimed that he played games during the interview in many news in the press, it can be seen that he followed the interview closely.
About FTX and Alameda Research Relationship
As a result, when asked about the relationship between Alameda and FTX, Bankman-Fried claimed that the relationship has diminished over time.
“I was primarily looking at it from a trade standpoint,” said Bankman-Fried, adding that Alameda accounted for only 2% of FTX’s volume in 2022, while in 2019 this ratio had fallen to about 45% of FTX’s volume. He said it did not seem inappropriate for FTX employees to live with Alameda employees.
When asked about his future and whether he has any criminal liability, Bankman-Fried stammered. “Personally, I don’t think so, that’s not what I’m focusing on,” SBF commented.
“There will be a time and a place to think about myself and my future,” said Bankman-Fried. “I had a bad month. That’s not what’s important here right now.”
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