Sam Bankman-Fried, the former CEO of cryptocurrency giant FTX and trading firm Alameda Research, told ABC News he was ultimately responsible for the downfall of both companies, but denied that he knew 'that there was any improper use of customer funds.'
and trading firm Alameda Research, told ABC News he was ultimately responsible for the downfall of both companies, but denied that he knew "that there was any improper use of customer funds."
FTX filed for bankruptcy protection in November after a rival cryptocurrency exchange announced it was backing out of a plan to acquire it. The filing follows reports that FTX used deposits to pay Alameda Research creditors, a claim reportedly made by former Alameda Research CEO Caroline Ellison during a call in early November. Bankman-Fried said he was not aware that was true but said Alameda had a large position open on FTX that was "overcollateralized a year ago.
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