“I have basically nothing left.” Former FTX CEO Sam Bankman-Fried sits down with GStephanopoulos for a one-on-one interview following both companies in his cryptocurrency empire filing for bankruptcy last month.
and ABC News for his first network interview since both companies in his cryptocurrency empire filed for bankruptcy this month. He addressed rumors that have swirled since the collapse and discussed his uncertain path forward. The interview took place in the Bahamas island of Nassau where FTX was headquartered.FTX filed for bankruptcy protection in November after a rival cryptocurrency exchange announced it was backing out of a plan to acquire it.
"I failed to have someone in place who was managing that risk, who was managing that position, managing that account. I failed to have proper oversight" that led to the crash of FTX, he said.In the interview, Bankman-Fried also denied he witnessed any illegal drug use by FTX employees, and he said reports that he and Ellison were in a polyamorous relationship are false and his romantic relationship with Ellison lasted only six months.
"There is something maybe even deeply wrong there, which was I wasn't even trying. Like, I wasn't spending any time or effort trying to manage risk on FTX and that that was obviously a mistake," he said. "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."On Nov. 7, days before FTX filed for Chapter 11 bankruptcy protection in the U.S.
At the time of the crash, he said FTX was getting "really significant inbound potential interest in financing" — "well into the billions" — from investors, including traditional financial institutions and individuals, which he believes is a sign the company can one day be solvent. "That's a lot of potential value for customers if it can all be worked out in a way that is safe, that has proper oversight.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX crypto collapse: Ex-CEO Sam Bankman-Fried denies 'improper use' of customer fundsNASSAU, THE BAHAMAS — Sam Bankman-Fried, the embattled 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.'
Read more »
Sam Bankman-Fried says he has $100K left in bank account after FTX collapseFormer FTX CEO Sam Bankman-Fried has revealed that he now has $100,000 in his personal bank account after once being valued at $26.5 billion, a report says.
Read more »
Sam Bankman-Fried Denies Creating FTX Backdoor in Interview with Crypto YouTuber | CoinMarketCapThe founder of the bankrupt crypto exchanges and trading firm Alameda Research blamed his staggeringly bad accounting and management for failures other allege had malicious intent.
Read more »
Sam Bankman-Fried tries to defend FTX collapse, apologizes (again)The former FTX CEO speaks publicly, weeks after FTX filed for bankruptcy protection and Bankman-Fried resigned from his role at the company.
Read more »
The Sam Bankman-Fried roadshow rolls on: 10 crazy things the FTX founder has just saidThe FTX founder has engaged in a publicity full-court press as investigations loom, culminating in an appearance at the New York Times DealBook Summit.
Read more »
FTX crypto collapse: Ex-CEO Sam Bankman-Fried denies 'improper use' of customer fundsSam 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.'
Read more »