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After FTX bankruptcy: Sam Bankman-Fried unpacks in an interview

 


The FTX bankruptcy shook the entire crypto world to its foundations. But little by little, more and more details are coming to light and Sam Bankman Fried also commented on the allegations again in an interview. The corresponding recording was made on November 16, but was only published yesterday.


In particular, speculation with customer funds and payments to customers in the Bahamas after the bankruptcy were discussed. The original downfall of the FTX empire was bad speculation in foreign funds that led to bankruptcy.


Alameda and the Bahamas

But SBF provided very unsatisfactory answers to both of these for the world public. When asked about a backdoor in FTX that would have allowed him to send customer funds to Alameda to then speculate on, he just said he couldn't have built it in because he can't program. However, he does not deny that there was an outflow of funds, nor that someone else could have installed the back door.


On the other hand, there were new details regarding payments to customers in the Bahamas. These could continue to withdraw money from FTX while the accounts for customers from other nations were blocked. He had previously claimed to have made it possible for customers to continue withdrawing their funds on the instructions of the Bahamas government and regulator. But now the failed CEO and ex-billionaire spoke of having only informed the authorities in order to avoid unrest, which of course could have been directed against him.


The downfall

The demise of FTX was also discussed. Bankman-Fried subsequently realized that FTX's risk and liquidity management was a disaster. At the same time, the failed CEO also slammed his lawyers, who probably advised him to make better decisions from an afterthought perspective.


However, the entire process will take years and the fact that a mini-series is to follow about the FTX case shows that many believe that the topic is far from over.

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