Former FTX CEO Sam Bankman-Fried Apologises For His ‘Mistakes’ – Says Didn’t Knowingly Commit Fraud2 min read
Former FTX CEO Sam Bankman-Fried sought to disassociate himself from any fraud at his first public appearance following the bankruptcy of FTX, a cryptocurrency company that cost investors billions of dollars. Bankman expressed regret for his “mistakes” and the firm’s untimely demise during a Deadlock conference organized by The New York Times. He claimed that he did not intentionally act fraudulently.
Speaking via video call, Bankman said, “I’m deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again.”
Additionally, he claimed that the information that emerged online in the wake of the cryptocurrency firm’s demise astonished him. He asserted that he was not informed of Alameda’s FTX position.
According to two people with knowledge of the incident, Bankamn covertly transferred $10 billion in client funds to Alameda Research, which resulted in a liquidity crisis at the FTX. He claimed to not have transferred the funds to the research company and to not have run Alameda.
He even claimed to have almost nothing left on Wednesday (Nov. 30) and to only have one credit card remaining with around $100,000 in the bank. The crypto expert admitted during the conference that he is speaking against the advice of his Bahamas-based lawyers. When asked if he would be visiting the United States, he replied that he could be required to attend the impending congressional hearing over the company’s demise.
Bankman-Fried left FTX on November 11 as the company filed for bankruptcy protection in the midst of a severe financial crisis brought on by a flood of customer withdrawals. According to a source who spoke to Reuters, the firm has been the subject of US investigations into how it handled customers’ funds since mid-November.
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