Sam Bankman-Fried, the disgraced founder of the bankrupt FTX crypto empire, denied trying to perpetrate a fraud while admitting to many errors at the helm of the company.
“I made a lot of mistakes,” the 30-year-old said Wednesday by video link at the New York Times DealBook Summit. “There are things I would give anything to be able to do over again. I didn’t ever try to commit fraud on anyone.”
Bankman-Fried’s participation has sparked controversy given the damaging fallout from the collapse of the FTX exchange and sister trading house Alameda Research. Among the outstanding questions are how Bahamas-based FTX ended up with an US$8 billion hole in its balance sheet and whether it mishandled customer funds, amid reports that FTX lent client money to Alameda.
The digital-asset sector is braced for widening contagion from FTX, which once boasted a US$32 billion valuation before sliding into bankruptcy on Nov. 11. It owes its 50 biggest unsecured creditors a total of US$3.1 billion and there may be more than a million creditors globally.A crypto lender, BlockFi Inc., filed for bankruptcy Monday after being buffeted by the wipeout. Embattled brokerage Genesis is striving to avoid the same fate.
Bankman-Fried has provided convoluted and incomplete explanations on social media and in interviews with other news outlets about what led to FTX’s woes. Advisers overseeing the ruins of his business have slammed non-existent oversight and the misuse of client funds.FTX’s new Chief Executive Officer John J. Ray III, a turnaround and restructuring expert, who formerly oversaw the liquidation of Enron Corp., told the bankruptcy court in the U.S.
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