Ex-FTX boss Bankman-Fried ‘I didn’t try to commit fraud

Ex-FTX boss Bankman-Fried 'I didn't try to commit fraud

Ex-FTX boss Bankman Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX, has denied defrauding anyone. According to the man who was previously heralded as a famous figure in the cryptocurrency sector. He had a “poor month” and had almost no money left. The world’s largest cryptocurrency exchange, once valued at $32 billion (£26.5 billion), shut down earlier this month. Many investors have reported being unable to get their money out of the now-defunct company.Additionally. Mr. Bankman-Fried said that despite legal counsel telling him not to talk publicly, he disobeyed that instruction.He claimed he had “near to nothing” currently and denied taking any personal funds out of FTX. From The Bahamas, he claimed he had one credit card remaining with about $100,000 on it.

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He claimed in the interview that he hadn’t purposefully deceived investors. He claimed, “I never attempted to commit fraud. However, when repeatedly questioned about specifics of money transfers between FTX and other businesses, such as the trading company he owned, Alameda Research, he occasionally came off as vague. He added that the business has engaged in “greenwashing,” in which businesses undertake environmental initiatives in order to gain notoriety. Once upon a time, Mr. Bankman-Fried was compar to a young Warren Buffet.

But he claims that he underestimated the amount of cash required to pay FTX customers’ withdrawals, which resulted in a rush on the exchange. A slump in the economy as a whole and worries about the general viability of crypto currencies have caused many crypto companies to struggle. Following that, FTX filed for bankruptcy. The 11th of November marked Mr. Bankman-resignation Fried’s as CEO. FTX owes its 50 biggest debtors a total of almost $3.1 billion, according to a court filing from earlier this month. Mr. Bankman-net Fried’s worth was reportedly over $15 billion as recently as late October.

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