Sam Bankman-Fried talks about failures, FTX, CFTC, regulation and crypto

Sam Bankman-Fried. Photo: Getty images

Sam Bankman Fried he had $100,000 left in his bank account the last time he checked. In an interview, the former FTX CEO pointed to both personal failures and regulatory loopholes to help explain his company’s implosion.

why is it important: Bankman-Fried’s Monday Night Phone Interview With Axios Comes As FTX Works On A Mess bankruptcy proceedings and the company’s creditors do not know what, if anything, they will be able to recover.

What he says : “Am I allowed to say a negative number?” he said, when asked about his personal finances. “I mean, I have no idea. I don’t know. I had $100,000 in my bank account the last time I checked,” he said.

  • “It’s complicated. Basically, everything I had was related to the business,” he added.
  • His personal wealth at one time reached $26.5 billion.

Yes, but: Bankman-Fried said proper regulation and oversight could have helped protect FTX from collapse.

  • “I think one thing is … if you looked at the CFTC reports and applications, that would have been extremely helpful here on international rigor,” Bankman-Fried said.
  • “There is certainly an extent to which I wish there was someone other than me who was in charge of managing conflicts of interest,” he said, winking take a look at the bankruptcy court’s assertion that he was running FTX as a personal fiefdom.
  • “I would like to have more reporting and transparency towards third parties.”

Enlarge: Bankman-Fried, however, added that he bears the brunt of the blame.

  • “I wish I had been more careful… I obviously deeply regret that. I focused on volume rather than positions for sales,” he said. “I should have been more responsible and I should have been more aware of what was going on.”

At the end of the line : Investors and creditors also have their share of regrets, given the tens of billions of market value that was wiped out in days.

Read more about this interview in tomorrow’s Axios Pro Fintech offers

Go further:

Sam Bankman-Fried doesn’t know what happened to his Twitter involvement

Judge in FTX case grants confidentiality to clients, for now

FTX Begins Bankruptcy Proceedings, Bankman-Fried Steps Down as CEO

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