SBF, Sam Bankman-Fried is perpetuating a narrative in a new interview in which he says he made countless mistakes with billions of dollars, rather than intentionally perform fraudulent activity.

“Clearly I didn’t do a good job” says Bankman-Fried, referring to accounting mistakes that flew under the radar. FTX owes it’s 50 biggest creditors over 3.1 billion dollars.

Whether you believe him or not, FTX is facing serious allegations that it wrongly used customer funds to prop up Alameda Research, fraudulent or not.

Forbes cites:

Bankman-Fried rejected rumors that drug-fueled parties dominated FTX’s staff culture, saying get-togethers with coworkers involved “having people over for dinner” and “board games,” with almost no drinking and no illegal drug use. He said he only drinks “maybe half a glass of alcohol per year,” though he was never asked about his alcohol use.

SBF, has almost no wealth remaining in his bank account, and estimates he is down to his last $100,000. But just a few months ago, he was reveled as a leader and authority in cryptocurrency as a financial prince. Oh, how the tables can turn.

Alameda Research, reportedly used FTT (the FTX cryptocurrency) as collateral. This allowed them to take billions of dollars and use it as loans to buy percentages in startup companies.

The Justice Department and Securities and Exchange Commission are investigating FTX. This crypto crisis will have a light at the end of tunnel. We just don’t know how long that tunnel is.

To hear Pat’s take on the FTX crisis, click here:




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