Bahamas News
FTX founder Sam Bankman-Fried admitted he’d screwed up
By Shanieka Smith
Staff Writer
December 2, 2022 – An interview with FTX founder Sam Bankman- Fried on Wednesday at the DealBook Summit revealed that there were no risk management teams or form of corporate control to help govern the organisation.
Bankman-Fried resigned from his position in November following a liquidity crisis that resulted in the loss of
The CEO said he was shocked by what had taken place. While he had made loans to his hedge fund Alameda, Bank-Fried said he did not intentionally commingle the funds.
Bankman-Fried acknowledged that he had a responsibility to the company and all its customers but he “screwed up.” “There was no person who was chiefly in charge of positional risk of customers on FTX, and that feels pretty embarrassing in retrospect,” he shared.
The investigation is ongoing and it still needs to be clarified whether customers will be able to regain any funds.
Former Securities and Exchange Commission lawyer Howard Fischer said that Bankman-Fried’s comments are being scrutinised. “Everything he says that turns out to be contradicted by admissible evidence will be taken as evidence of deceit.”