EX-FTX CEO Sam Bankman Fried says “He didn’t try to commit any fraud”

Sam Bankman Fried, the former CEO of the now-defunct FTX bitcoin exchange, has denied defrauding anyone.

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The former “King of Crypto” told The New York Times that he had a “difficult month” and had almost no money left in his first public appearance since the crash.

After once being worth $32 billion (£26.5 billion), FTX collapsed last month.

The now-defunct global exchange has prevented many investors from withdrawing their money.

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Additionally, Mr. Bankman-Fried, 30, said that he disregarded the advice of his attorneys to avoid speaking in public.

He asserted that he has “near to nothing” and denied having removed any of his own personal funds from FTX.

He claimed while speaking from The Bahamas, that he only had one credit card left with a balance of about $100,000.

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In the interview, he claimed that he had not purposefully deceived investors, adding, “I never tried to commit fraud.”

Though he appeared hazy at times when questioned repeatedly about specifics of money transfers between FTX and other entities, such as the trading company he owned, Alameda Research,
Additionally, he claimed that the business had engaged in “greenwashing,” a practice where businesses undertake environmental initiatives in order to gain attention.

In the past, Mr. Bankman-Fried has been compared to a younger version of the famous US investor Warren Buffet. As of late October, his net worth was estimated to be more than $15 billion.

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But, he claims, he misjudged the volume of cash required to pay for FTX customers’ withdrawals, which caused a rush to the exchange.

The wider economic slowdown and worries about the long-term viability of cryptocurrencies have caused many crypto businesses to flounder.

Read More: FTX has $1BN Client funds missing

Shortly after, FTX filed for bankruptcy. On November 11, Mr. Bankman-Fried resigned as CEO.

FTX presently owes its 50 largest creditors almost $3.1 billion, according to a court filing from earlier this month.

Mr. Bankman-Fried was a well-known political donor in Washington, DC, who was said to advocate greater crypto regulation and pandemic prevention.

However, Mr. Bankman-Fried admitted during his interview with Times reporter Andrew Ross Sorkin that most of his work in Washington, DC, had been PR “masquerading as do-gooders.”

According to Mr. Bankman-Fried, he is not currently concerned about potential legal or criminal responsibility.

After several starts and stops, he finally stated, “There’s a time and a place for me to think about myself and my own future. This isn’t it, I don’t believe.

Mr. Bankman-Fried said that he had been as truthful as he reasonably could be when questioned if his answers had been sincere. He replied, “I don’t know of times when I lied.

SBF stated that he thought FTX US was solvent and could in fact repay American investors, however, he did not provide any proof.

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