In an hour-plus conversation, the 30-year-old erstwhile billionaire claimed that he’s present down to his past $100,000 and 1 moving recognition card. He said helium nary longer has entree to institution accounts oregon records and that he’s inactive unclear connected cardinal facts astir what caused the abrupt implosion of his concern empire, which included scores of exchanges, holding companies and a large crypto hedge fund.
Despite pleas from his lawyers to enactment quiet, and imaginable transgression liabilities, Bankman-Fried has continued to tweet, remark and talk publically astir the missteps that whitethorn person contributed to FTX’s bankruptcy.
“The classical advice, right, is don’t accidental anything, recede into a hole,” Bankman-Fried said. “I person a work to effort to bash what’s close to assistance customers retired here.”
Bankman-Fried signaled he’d beryllium consenting to attest if called by Congress. The House Financial Services Committee volition clasp a proceeding connected FTX connected Dec. 13, and Chair Maxine Waters (D-Calif.) has said she’d similar to perceive from Bankman-Fried.
“I would not beryllium amazed if I’m up determination talking astir what happened to our representatives,” helium said.
FTX’s caller CEO and restructuring serviceman John Ray III has painted a damning representation of Bankman-Fried’s absorption of the institution successful bankruptcy filings.
The institution had nary centralized processes for managing its cash. Top executives, including Bankman-Fried, routinely took retired loans for investments ranging from Bahamian existent property to integer startups. Software was installed to conceal the misuse of lawsuit funds. Billions of dollars successful institution assets are inactive unaccounted for.
Bankman-Fried’s multibillion-dollar concern empire fell isolated earlier this period aft reports surfaced that Alameda Research, an affiliated hedge money helium besides owned, had loaded its equilibrium expanse with a little-used token issued by FTX. A wide selloff of the token obliterated Alameda’s finances, and customers pulled their funds from FTX en masse.
In Wednesday’s interview, Bankman-Fried claimed that Alameda had built up a monolithic concern presumption connected FTX and erstwhile the hedge fund’s equilibrium expanse blew out, it created a monolithic spread that the speech was incapable to fill.
Days later, FTX froze withdrawals, stranding billions of dollars successful lawsuit assets. Bankman-Fried announced his resignation erstwhile the Bahamas-based speech filed for bankruptcy connected Nov. 11.
Bankman-Fried connected Wednesday declined to straight code whether helium utilized lawsuit funds — arsenic has been alleged — to plug holes successful Alameda’s equilibrium expanse arsenic crypto prices tumbled implicit the past year. He conceded that galore of FTX’s customers had initially started their accounts with the speech by wiring wealth to Alameda.
“I didn’t knowingly commingle funds,” helium said. “I wasn’t trying to commingle funds.”
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