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FTX former boss Bankman-Fried say e no try 'commit fraud'

58743262 Sam Bankman-Fried

Fri, 2 Dec 2022 Source: BBC

Sam Bankman-Fried, di former boss of collapsed cryptocurrency exchange FTX, say im no move any personal money out of FTX imsef.

Di man wey pipo once hail as di 'King of Crypto' add say presently now, e dey left with "close to nothing."

Oga Bankman-Fried also deny committing fraud.

During im first public appearance since di collapse, Bankman-Fried tell di New York Times say e get "bad month" and get almost no money wey remain.

FTX fall apart last month, afta dem bin dey valued at $32bn (£26.5bn).

Many investors no dey able to withdraw dia funds from di global exchange wey now dey bankrupt.

Bankman-Fried wey be 30 years old, also tok say im lawyers don advise am not to speak publicly, but e ignore dem.

Speaking from di Bahamas, e tok say im get one credit card remaining wey get around $100,000 of debt inside.

For di interview e tok say im no deliberately mislead investors, adding say: "I no ever try to commit fraud."

However, wen dem ask am plenti times about details of money movements between FTX and oda entities, including di trading firm wey im own, Alameda Research, im at times no too dey clear in detail.

E also tok say di company bin put body for "greenwashing" where firms dey engage in environmental projects for publicity.

Plenti pipo bin see Bankman-Fried as a young version of legendary US investor Warren Buffet, and as recently as late October im get net worth wey dem estimate at more than $15bn.

However, e tok say, e underestimate di sheer amount of cash wey dem need to cover FTX customers' withdrawals - leading to a run on di exchange.

Many crypto firms don try struggle with di downturn for di broader economy and as concerns dey ground about di viability of crypto currencies.

FTX declare bankruptcy soon afta Bankman-Fried step down as CEO on 11 November.

According to one court filing earlier dis month, FTX currently dey owe dia 50 largest creditors almost $3.1bn.

Bankman-Fried don become well known for Washington DC as political donor, supposedly supporting pandemic prevention and improve crypto regulation.

But for im tok with Times reporter Andrew Ross Sorkin, Bankman-Fried confess say much of im Washington DC work don be PR "masquerading as do-gooderism."

Bankman-Fried tok say for now e no dey concerned about potential criminal or civil liability.

"Time and place go dey for me to think about mysef and my own future," e tok afta starting and stopping several times. "I no think say dis na di time."

Wen dem ask am if e dey truthful for im responses, Bankman-Fried tok say e dey as truthful as e knowledgeably fit be. "I no know of times wen I lie," e tok.

Though e no provide evidence to support am, SBF tok say e believe FTX US bin dey kampe and fit in fact pay back American investors.

Source: BBC