Disgraced FTX founder Sam Bankman-Fried — an alum of the vaunted university — gave a bizarre explanation for an $8 billion budget shortfall that helped...
Disgraced FTX founder Sam Bankman-Fried — an alum of the vaunted university — gave a bizarre explanation for an $8 billion budget shortfall that helped force the doomed cryptocurrency platform into bankruptcy last month — claiming he had simply “misaccounted” the cash.
In a section labeled, “What I *thought*,” Bankman-Fried lists $8.9 billion in debts against nearly $28 billion in assets — $9 billion of which were purportedly “liquid.” In another section with the actual numbers, FTX had $8 billion less in liquid assets than Bankman-Fried had claimed. “Misaccounted,” replied Bankman-Fried, who minored in math while graduated from MIT with a Bachelor’s degree in physics.
Bankman-Fried made his latest defense of FTX’s implosion from the luxury penthouse where he, his ex-lover Caroline Ellison and a small group of roommates ran FTX and Alameda Research. Ellison served as CEO of Alameda until its meltdown.
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.
Former FTX CEO Sam Bankman-Fried denies 'improper use' of customer fundsIn the interview, Bankman-Fired admitted to not spending any time and effort trying to manage risk on FTX.
Read more »
Sam Bankman-Fried claims he ‘misaccounted’ $8 billion in FTX fundsSBF said he was “real lazy about this mental math” while running FTX into bankruptcy.
Read more »
Sam Bankman-Fried Lobbied For Regulatory Bill That Would Have Killed FTX | CoinMarketCapcryptonews: 'One thing that's given me pause is just thinking about why FTX would have lobbied so hard for a bill that it could never comply with.' - Colorado Democrat Michael Bennet.
Read more »
Sam Bankman-Fried says he 'got a little cocky' before FTX collapsed | CNN BusinessSam Bankman-Fried, the founder of now-bankrupt FTX, has fallen from the peak of crypto celebrity, but he's not going quietly. In back-to-back interviews, he's portrayed himself as a clumsy and repentant businessman.
Read more »
Ex-FTX boss Sam Bankman-Fried denies illegal drug use at companyFTX founder Sam Bankman-Fried denied witnessing any illegal drug use by his employees and said he had been prescribed 'various things' to help with concentration.
Read more »