Sam Bankmand-Fried (SBF), the founder of the bankrupt cryptocurrency exchange FTX, revealed important details about the background of the bankruptcy process in an exclusive interview.
Sam Bankmand Fried via YouTube Tiffany FongHe made the most detailed statements ever after the stock market’s bankruptcy. Responding to the speculation circulating, SBF blamed some of its employees for getting things to this point. The stress of SBF, who was faltering during her speech and could not complete some of her sentences, was evident in her voice.
The bankruptcy was caused by a large free market correlation driven by fear.
trigger of bankruptcy CoinDesk Describing the news and balance sheet detailing by SBF as inaccurate, SBF described the situation as “a badly named accounting case”. SBF, Alameda, and the majority of FTX’s balance sheet FTX Tokenfrom (FTT) stated that he did not see any harm in its formation. Describing FTT as valuable and functional, the founder argued that the token has a real equivalent in the market:
The reason for the bankruptcy was not the liquidity problem. The cause of the bankruptcy was something unpredictable and much more embarrassing. I think FTT was more legit than most tokens in some ways. It was more economically supported than the average token. But the reason for the collapse was clearly due to a large correlation experienced during free market movements. It was a correlation triggered by fear.
of FTX chapter 11. filing for bankruptcy Speaking about the presence of the SBF, “I should never have filed for bankruptcy” he stated.
You can blame the idiot you’re talking to for filing this document, I should have just said ‘no’. The right thing to do was not to file for bankruptcy. I would give anything to cancel this right now. I sincerely believe that if I had not applied, all users would have been full and withdrawals will continue on FTX at this time.
I don’t even know how to code
A critical question posed to SBF by Fong was whether a backdoor was created to run commands that could change his company’s financial records without notifying others. Unable to hide his surprise at this question, SBF made the following statements:
Do you think this is something I would do? I can say that this is absolutely not true. I don’t even know how to write code. I haven’t even opened the code interface of FTX before.
When Fong asked about Alameda’s use of FTX client funds, SBF had a hard time choosing the words to respond. SBF,I need to think more about what a hyper-associated crossover scenario looks likeAfter giving an answer as ”, he simply dismissed the follow-up questions about the subject.
I don’t want to live in a country where everyone is angry with me
Regarding withdrawals Bahamas prioritize users SBF also stated that he continues to live in this island country where the headquarters of the stock market is located.
I think the idea of prioritizing the Bahamas was correct. I warned the regulator institutions one day in advance and they did not respond to me. The reason I did this was because it was critical for the stock market to have a future. Because I live here right now and you don’t want to be in a country where a lot of people are angry with you. Every day when I wake up I think about what happened and I have hours every day to reflect on it. It is much different than it seems to other people.
SBF, FTX.US stated that users can get all their money back. The former CEO, who said that he could not give this guarantee for worldwide users, probably said that global users “something like 25 cents per dollarHe said they would have to make do with it.
The article titled The Interview that Opens the Smoke Screen of the FTX Collapse by Sam Bankman-Fried was prepared by Tugay Erdem and published on koinbulteni.com.