Sam Bankman\u002DFried admitted closer involvement in financial decisions at Alameda than previously disclosed. Find out more in this interview.
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The media blitz has puzzled many at a time when the circumstances of the collapse of FTX, one of the largest crypto exchanges, are still being scrutinized by at least one million creditors, criminal investigators and civil litigation. He faces accusations in a U.S. lawsuit that his companies were a “Ponzi scheme.” Executives running the company in bankruptcy have said in court filings that FTX appeared to have “conceal the misuse of customer funds.”
Bankman-Fried deflected the FT’s questions about the excessive borrowing and soured investments that ultimately sank Alameda, blowing a hole in FTX’s finances, and would not be drawn on the legal consequences he may face. He said he deliberately avoided getting involved in Alameda’s trading and risk management to avoid conflicts with his position as chief executive of FTX, and neglected to monitor the risk they posed to the exchange.
He recalled at least one meeting in FTX’s Nassau office following the crypto market crash in May where staff said that Alameda’s access to third party loans was being cut back and it might need to borrow more from FTX. He said he could not recall who participated.In this photo illustration, the FTX logo is seen on a computer.
Bankman-Fried also said he was involved in two of Alameda’s largest uses of funds: the US$4 billion it poured into venture capital and the US$3 billion he says it spent buying out rival Binance’s equity stake in FTX.
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