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Sam Bankman-Fried Claims He’s Broke

December 12, 2022 World Blockchain

Sam Bankman-Fried, the former CEO of FTX, surprised everyone this week by saying, “I’ve had a bad month.” This came after he lost billions of dollars in investor funds.

In a much-anticipated DealBook Summit, the former billionaire admitted that he “didn’t do a good job” of upholding his obligations to authorities, clients, and investors.

After CoinDesk revealed irregularities on the company’s balance sheets in November, FTX collapsed some days later, making some investors refer to the whole FTX operation as fraud. In the same month, FTX filed for Chapter 11 bankruptcy protection in Delaware.

“I never attempted to defraud anyone,” Bankman-Fried affirmed. I thought it was a successful enterprise, so I was surprised by what transpired this month.

He asserts that his remaining assets are just $100,000 and one active credit card during his video call meeting while in the Bahamas.

When asked why he remained in the Bahamas, He said “I’ve been here since last year.”

Despite allegedly having billions of dollars’ worth of cryptocurrency for trading, the Alameda Research FTX sister company borrowed billions of dollars from other cryptocurrency exchanges, such as the now-defunct Voyager Digital and BlockFi Lending.

But according to documents, Alameda still owes BlockFi $670 million. On Monday, BlockFi has requested Chapter 11 bankruptcy protection in New Jersey.

Bankman-Fried referred to the days following Coindesk’s November 2 disclosure of Alameda’s sizeable FTT position by saying, ” I really knew there was a big problem on Nov. 6″.

A day after asserting that he was aware of the FTX crisis, Bankman-Fried tweeted on November 7,that “assets were fine.”

Bankman-Fried was questioned by Sorkin as to why they even had access to customer funds.

FTX’s terms specifically stated that customer funds will “at always remain with them.”

Bankman-Fried dodged the question, claiming that while some of his clients had agreed to lend money, he wasn’t aware of or in charge of the procedures.

In court documents, the company’s new management claimed that Sam had significant and occasionally sole control over the company.

“What about the drugs?” He was asked.

“It’s funny to hear this,” Bankman-Fried retorted. I drink one glass of alcohol annually.

The founder of FTX denied allegations of excessive drinking and drug use, claiming that FTX events were more like “dinner parties” or “board games.”

According to Bankman-Fried, he was not aware of the Alameda exposure. He claimed FTX’s exposure was just 2% in 2022.

Bankman-Fried cited the reason that users were requested to wire funds to an account in Alameda’s name rather than directly to FTX as “in 2018, FTX didn’t have bank accounts.”

When it filed for bankruptcy, FTX had more than 200 bank accounts on every continent.

FTX was once hailed as the face of ethical cryptocurrency. Regulators and lawmakers looked to Bankman-Fried; he developed this reputation through appearances before Congress and generous political donations.

Image Source: https://www.cnbc.com/
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