Former FTX CEO Sam Bankman-Fried denies "improper use" of customer funds
An interview between the Former FTX CEO Sam Bankman-Fried ‘SBF’ and George Stephanopoulos aired on Good Morning America on Dec. 1.
In the interview, SBF was insistent that FTX was not a “Ponzi scheme” but was “a real business.” The former CEO also denied any knowledge of FTX customer deposits being used to pay Alameda Research’s creditors, as reportedly claimed by Alameda’s CEO Caroline Ellison. According to him, he had no knowledge of “any improper use of customer funds”.
Bankman-Fried also admitted to not spending any time and effort trying to manage risk on FTX. He shared:
"If I had been spending an hour a day thinking about risk management on FTX, I don't think that would have happened. And I don't feel good about that," he added.
Following the collapse of FTX, the former billionaire has allegedly lost his fortune. He claimed to now have only $100,000 in his bank account, and just one ATM card, after his net worth was previously valued at an estimated $20 billion.
Moving forward, Bankman-Fried shared that his focus is working through regulatory and legal processes and "trying to focus on what I can do going forward to be helpful."
Hours after the interview aired, the former CEO took to his Twitter account to expand on statements made in another interview, which took place the night before on The New York Times’ DealBook Summit live on Nov. 30
In the tweet, the CEO insisted that at the time of filing a chapter 11 bankruptcy he was “fairly sure FTX US was solvent, and that all US customers could be made whole”. In his words; “To my knowledge, it still is today”, adding, “I'm not sure why US withdrawals were turned off.”
Expanding on DealBook:When I filed, I'm fairly sure FTX US was solvent, and that all US customers could
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