Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange, spoke about the behind-the-scenes event at The New York Times’ DealBook Summit.
Sam Bankman-Fried, the cryptocurrency billionaire whose empire collapsed spectacularly this month and sparked at least two federal investigations, gave a wide-ranging interview at The New York Times’ DealBook Summit and said:you screwed up” told. When asked if he was worried about criminal liability, Bankman-Fried was stunned, paused, and then began to speak.
There is a time and a place for me to think about myself and my future. I don’t think it was then.
Mr. Bankman-Fried, lawyers did not support the decision to speak however, he stated that he decided to sit down for the interview. “It’s my job to talk and explain what’s going on” said. He added that he “didn’t know when” he was lying, but was trying to make FTX look excited. “as far as i know i said it right” said.
All I have left is one last working credit card
Stating that he also had “almost nothing” and did not withhold any funds, SBF said the employee was left with one last credit card. The SBF recently stated in another interview that he had the last 100 thousand dollars left in his account.
Suspicious transfer from FTX after filing for bankruptcy 515 million dollars When asked what had happened, Mr. Bankman-Fried replied, “improper access to assetsHe gave a list of possibilities, including ”.
Conducting the interview Andrew R Sorkin He posed a basic and simple question to SBF: What happened??
There are things I wish I could have done differently
Expressing that he is aware of his responsibility for FTX, SBF said, “Obviously, I made a lot of mistakes or did anything I would give my best to be able to do it again.” The SBF said it was never intended to be a fraud and that such a big problem was not approaching until the crisis broke out.
A month ago I was excited about the prospects for FTX. I saw it as an immersive, growing business. I was shocked by what happened this month.
SBF stole all my life savings from me
One of the critical moments of the interview was the scene where a user letter sent by Sorkin to SBF was read, explaining that he lost everything in FTX. The title of the letter written by a father who lost all the savings of his life is “Sam Bankman-Fried stole $2 million from me” was discarded.
Could you please ask SBF why it decided to steal my life savings and $10 billion from its clients to give to the hedge fund Alameda? Can you ask why the hedge fund uses long-term leverage? All this money? I will be kind to the children. Please ask him if he thinks what happened was fraudulent.
SBF: Yes, I mean, I’m so sorry about what happened. But if the author of this letter is a US user, he will very likely get his money. FTX.US funded and withdrawals can be opened at any time.
Alameda opened a long position with 10x leverage
Expressing that Alameda has opened a position as a derivatives platform, SBF said that this position 10x leverage that you have and long (long) underlined its versatility. Stating that he is in a limited position in terms of data access for this position, the former CEO said that he had no concerns about liquidity and the position in question until the day when customers suddenly requested a mass withdrawal.
Alameda had leverage, I think, of like 10x and had something like 10x the holdings of the position it held. Then there were several consecutive collapses in the cryptocurrency markets, at which point there was still liquidity to protect the positions. But these recent events, the customers rushing to withdraw their funds, put an end to everything.
by SorkinAre client funds mixed with Alameda’s term funds??” Responding to the question with uncertainty, SBF claimed that it did not knowingly mix the funds. He said that he was also surprised by this situation and added the following statements:
I’m frankly surprised that Alameda’s position is this large, which marks another oversight failure on my part. And I failed to appoint someone to be responsible for it. But I wasn’t trying to mix funds.
While SBF said that it became aware of the impending crisis too late, it described it as a rather big mistake. This situation “quite a bit of carelessnessfounder marked ”I think I was scared, nervous about the conflict of interest in getting too involved.” said.