FTX Founder SBF Unaware of Illicit Use of Customer Funds?

Sam Bankman Fried Imprisoned by Bahamas Police Force
  • Bankruptcy crypto exchange FTX has an $8 billion hole in its balance sheet.
  • FTX’s SBF has one credit card left and $100,000 in the bank account.

The notorious founder of the bankruptcy cryptocurrency exchange FTX, Sam Bankman-Fried, denied committing fraud while admitting significant managerial faults. At the same time, SBF claimed that he was unaware of any wrong transactions that includes funds from FTX and his trading company Alameda Research.

Mystery surrounds the disappeared billions, which made Bankman-Fried’s crypto empire crumble. However, Sam Bankman-Fried stated, “I did not know of any improper use of customer funds.” In addition, the former FTX CEO confessed in a recent interview that he made lots of mistakes.

Also, Sam Bankman-Fried said that;

“There are things I would give anything to be able to do over again. I didn’t ever try to commit fraud on anyone.”

The statements by SBF were the most recent string of interviews that he participated in the New York Times DealBook Summit on Wednesday from the Bahamas via video link, as per the Bloomberg report. 

FTX Crypto Empire Collapsed

After FTX and sister trading company Alameda Research collapsed on November 11 Sam Bankman-Fried made his first significant public appearance. Now Bankman-Fried is involved in a complicated network of legal proceedings and regulatory investigations involving alleged misconduct. 

Further, SBF mentioned that he only has one credit card left and $100,000 in the bank account during the interview. And some analysts believe that he could be sued because of his public statements. Moreover, still, there are unanswered issues regarding how Bahamas-based FTX grew to develop an $8 billion hole in its balance sheet and whether it handled customer funds improperly. 

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.