Sam Bankman-Fried Still Thinks He’s a Good Businessman

Sam Bankman-Fried Still Thinks He’s a Good Businessman

Sam Bankman-Fried still considers himself a good businessman despite his mismanagement that devastated the entire crypto ecosystem. In an interview with the BBC from a luxury apartment somewhere in the Bahamas, Bankman-Fried outlined what appears to be her main legal defense: blanket denial. “I have not intentionally committed fraud, and I do not think I have.” That is not what I wanted to happen. Bankman-Fried admitted, “I certainly wasn’t as competent as I thought.

The disgraced former crypto billionaire said he doesn’t think he’ll be arrested for fraud, but he’s concerned. He admitted to doing the wrong things while managing FTX, albeit unintentionally. “That [the FTX collapse] hurt many people, and that’s on me, one way or another,” said Bankman-Fried. But I didn’t think it would happen. I never wanted something like this to happen.”

“I was surprised when he did it. I won’t lie; I guess all I have left now is to tell my truth and let the cards fall as they will. FTX filed for bankruptcy with more than 100 affiliated companies last month after collapsing under the pressure of a $6 billion bank run. Customers rushed to withdraw funds after bankruptcy rumors surfaced, along with revelations about user funds being routed to sister trading company Alameda Research. Bankman-Fried told the BBC’s Joe Tidy that he directed some aspects of FTX but wouldn’t elaborate, “but some weren’t enough.”

When Tidy asked Bankman-Fried if he thought he was a good businessman, Bankman-Fried replied, “Yes,” but added that he had become sloppy over the past year. “I was aware of the situation, but I wasn’t sure what to do about it.

Sam Bankman-Fried doesn’t rule out a potential crypto response

As the US Congress, along with up to a million FTX users worldwide, waits to hear possible testimony from Bankman-Fried on Tuesday, the FTX founder looks bleak about his financial prospects. “The math doesn’t look very good. On a six-month timescale. I don’t know, legal fees can be pretty expensive,” Bankman-Fried said. I disclosed everything I had here, too, and I don’t even have access to my personal information. I’m attempting to log into my bank account.

Whether Bankman-Fried plans to ever return to cryptocurrency, he said he’s not sure, but if he were involved with another company, he’d like to have a “really high standard of transparency.” 

It should have addressed how realistic a future Bankman Fried venture would be and what it would look like. Try if I can. The FTX saga spans several years, especially considering previous bankruptcies of crypto exchanges (like Mt.Gox). Still, Bankman-Fried shared the belief that he didn’t single-handedly murder Crypto: “I hope not.”

No. It is more durable than that. Furthermore, since Crypto is designed to be resilient, it would no longer be what we believed it to be if I killed it.

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