even a critic Rumors swirled that he was angry that he had not yet been put in prison, and that he was canceling his dangerous public appearances. Cryptocurrency currency exchange FTXconcluded with a live video interview new york times‘ Wednesday’s DealBook Summit conference.
Bankman-Fried said from the Bahamas, where FTX is headquartered. Times Financial columnist Andrew Ross Sorkin said, “I never tried to commit fraud against anyone.”
The Securities and Exchange Commission, Commodity Futures Trading Commission, and the US Department of Justice are now investigating how FTX, once the third largest, is being used. cipher It unraveled in a matter of days in early November and was worth $32 billion worldwide. Rival exchange Binance, which has moved to save itself with an acquisition, has since retreated He said FTX’s problems were “beyond our ability to manage or support.”
In the turmoil, Bankman-Fried was forced to step down as chief executive and allowed the company to file for bankruptcy, but only after several days of desperate circumstances. obsession with power despite company leaders urging him to resign.
“I’ve made a lot of mistakes. I’ll do anything to be able to start all over again,” Bankman-Fried told Sorkin in an hour-long conversation. his eyes looked down. Another of his conclusions is, “I had a bad month.”
At one point, Sorkin accused FTX management of irresponsibility and hedonistic luxury The house they lived in “sounds like a bunch of kids in Adderall having a sleepover party.”
“We’ve screwed up,” Bankman-Fried replied. But he denied that the FTX team in the Bahamas had an unruly drug culture. “At our party, we played board games,” he said. “I didn’t see any illegal drug use.” He said he was prescribed drugs to help him focus and concentrate.
The smoldering ruins of FTX are now overseen by CEO John J. Ray III. Enron accounting scandal 2001. In FTX’s bankruptcy filing, he I have written: “Never in my career have I seen such a complete failure of corporate management and complete lack of reliable financial information as what happened here.” may not $8 billion Balance Sheet Shortages, and Exchanges Still Owe Top 50 Creditors $3.1 billion.
Many believe that Bankman-Fried is personally responsible for the crisis, and whether FTX and Alameda Research (a sister trading firm he co-founded) misused client funds remains an open question. Important questions still remain. On November 22nd, the lawyer said: Delaware Bankruptcy Court Bankman-Fried operates FTX as a “private estate” and described a large real estate deal for the company in the Bahamas (where its headquarters is located), stating that “significant amounts” of its assets were “stolen”. I’m lost,” he said frankly. The ramifications of the collapse, like Bankman Freed’s funnel, reached all the way to Congress. Millions of dollars in political donations both Democrats and Republicans lobbying in Washington on behalf of cipher industry.
Earlier in the interview, Sorkin emphasized the relationship between FTX and Alameda, repeatedly claiming Bankman-Fried had little idea what was going on in the latter’s business. “I was nervous about conflicts of interest and being too involved,” he said. “We couldn’t afford to run two companies at once.” At issue was FTX’s large loans from customers to cover Alameda’s losses, which apparently Like almost every bad decision that has been made, it was framed by Bankman-Fried as a mistake rather than a deliberate misconduct. “I didn’t mix the funds on purpose,” he said.
As to the issue of prosecution or not staying in the United States for fear of being arrested, Bankman-Fried said he believes he can travel freely and is considering it. “I personally don’t think I have [criminal liability]’, he pointed out, but insisted that ‘that’s not what I’m focused on’ because “every customer is important here.” He speculated that he would eventually be able to answer the question at a congressional hearing. TMZ If he were in the position of a young man, he “would be afraid to go to prison for a long time.”
agree to a sit-in livestream with new york times It might seem like a poor legal strategy for the kind of person Bankman-Fried is under intense scrutiny against, but he’s not out of character with the 30-year-old ex-billionaire. On November 18th he dropped by his lawyer Paul Weiss cited a conflict of interest in representing him, complaining that he was self-sabotaging with “constantly destructive tweets.”
Asked what the current lawyers thought of Sorkin agreeing to the interview — a question that caused the audience to laugh — Bankman-Fried indicated they were strongly against it, saying, ” I have a duty to tell and explain what happened.”
Bankman-Fried is currently $100,000 At the bank, I tell Sorkin that I only have one valid credit card.A few Sipt Observer I believe he’s hiding far more money. “There are no hidden funds here,” he insisted.
of Times Other major media outlets have also been criticized for continuing to write what some people think.puff pieceAbout the Shameful Entrepreneur and Many High-profile Investors Outraged The newspaper once again gave him a huge platform to spin his own story about FTX’s sudden demise. , called it “one of the most important” of the day.
Early on, Sorkin read an angry letter from a man claiming he had lost his savings on FTX. About $2 million. Management has expressed constant surprise at the speed and scale of the crash. On several occasions he simply claimed that he did not have access to relevant information or details.
At the end of the interview, Sorkin asked if he had been honest throughout their discussion.
“I have been honest as far as I know,” he said.
