In a conversation with CNBC's Andrew Ross Sorkin at the Dealbook Summit, former FTX CEO Sam Bankman-Fried said he didn't do a good job of following his responsibilities.
Bankman-Fried never tried to commit fraud on anyone. I was surprised by what happened this month.
Bankman- Fried said he had had a bad month. Bankman- Fried said that they failed on risk. It feels pretty embarrassing.
Sorkin said Bankman- Fried appeared by video feed from the Bahamas. Bankman- Fried said that he had been in the Bahamas for a year.
Bankman- Fried was asked by Sorkin what motivated his acquisitions in the industry.
According to Bankman-Fried, he believed that Alameda would repay all their lines of credit by the middle of the next decade. According to court documents, Alameda still owes over $600 million.
Right now, what are your lawyers telling you? Do they think it is a good idea for you to speak? Sorkin inquired about the billionaire.
They're very much not.
Bankman-Fried said that he knew there was a problem on November 6th. There was a problem when we looked at that.
By that point, Alameda had taken a big hit. There was a run on the bank start.
Bankman-Fried expected the damage to be limited to Alameda, not an "existential" crisis for FTX.
Bankman- Fried was asked why FTX and Bankman- Fried had access to customer money.
Bankman- Fried didn't know what was going on and he wasn't running Alameda. Over the last month, I have learned a lot of these things.
According to new leadership at FTX, Bankman-Fried was in control of the empire.
Bankman-Fried was read a letter by an investor who lost his life savings because of his gambling on Cryptocurrencies.
Bankman- Fried claimed that the U.S. platform is funded and solvent. I believe that withdrawals could be opened up today.
I would like to ask you about the drugs. Sorkin made a statement. It is amusing to hear this. Bankman- Fried said that he has half a glass of alcohol a year.
The FTX founder said that FTX functions consisted of board games and dinners.
Bankman- Fried said he wasn't aware of the exposure. He stated that 40% of FTX's volume was from Alameda. Bankman-Fried believed that FTX's exposure was lessened by the year 2022.
Bankman- Fried was pressed on the lending of customer assets. Bankman-Fried didn't want to speak.
Bankman- Fried said that FTX didn't have bank accounts and that users were asked to wire funds to an account in Alameda's name.
Bankman- Fried's FTX collapsed in November after it was reported that there were problems with the balance sheets. Bankman-Fried has been in contact with the media occasionally. He told a reporter that he didn't like them.
He wrote in a different way.
FTX used to be hailed as the poster child of responsibleCryptocurrencies. Through appearances before Congress and generous political contributions, Bankman-Fried cultivated a reputation as the future of cryptocurrencies regulation.
One of the largest donors to Democrats was Bankman- Fried. He claimed in an interview that he gave the same amount of money to Republican causes as he did to Democrats.
Bankman- Fried told reporters to not donate to Republicans.
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