Bankman-Fried: Did not 'knowingly' misuse FTX client's funds
The former CEO of the failed cryptocurrency exchange FTX said Wednesday that he did not ’knowingly” misuse customers' funds, and claimed he believes his millions of angry customers will eventually be made whole
NEW YORK (AP) — The former CEO of the failed cryptocurrency exchange FTX said Wednesday that he did not ‘knowingly" misuse customers' funds, and claimed he believes his millions of angry customers will eventually be made whole.
The comments from Sam Bankman-Fried came during an interview with Andrew Ross Sorkin at a conference put on by The New York Times. Bankman-Fried has done a handful of media interviews since FTX collapsed in mid-November, but this was his first video interview since it filed for bankruptcy protection on Nov. 11.
“I didn’t ever didn’t want to commit fraud on anyone. I was shocked at what happened this month,” Bankman-Fried said.
FTX failed in the cryptocurrency version of a bank run, when customers tried to withdraw their assets all at once because of growing doubts about the financial strength of FTX and its affiliated trading arm, Alameda Research. Since its collapse, FTX's new management has called the cryptocurrency exchange's management a “complete failure of corporate controls.”
