Bankrupt exchange FTX is in bankruptcy proceedings in the state of Delaware in the United States. Meanwhile, its former CEO Sam Bankman-Fried gave a phone interview to Axios. During the interview, which took place on Monday evening, the founder of Alameda Research spoke about the state of his finances. He also suggested that the collapse of the FTX crypto exchange could have been avoided.
Sam Bankman-Fried is no longer a billionaire, let alone a millionaire!
The founder of Alameda Research said during his interview that he only had $100,000 left in the bank. When asked about the state of his personal finances, he first asked if he was allowed to say a negative number. Then he said, “I mean, I have no idea. I dont know. When I last checked, I had $100,000 in my bank account.” So it would seem that the former CEO of a $32 billion company now has to start from scratch.
“Basically everything I had was business related,” SBF said. It should be noted that the personal fortune of the former CEO of the crypto exchange at one time exceeded $25 billion. Separately, Sam Bankman-Fried expressed regret over the collapse of FTX. He explained that he would like to be more careful.
Content of the interview provided by Axios
“Of course, I deeply regret this. I focused on volume, not selling positions. I should have been more responsible and more aware of what was going on,” he said.
Could regulation have saved FTX?
According to Sam Bankman-Fried, regulation of the cryptocurrency sector could have prevented FTX from going bankrupt. The former leader also said: “Of course, to some extent, I would like someone other than me to be in charge of managing conflicts of interest.”
In that filing, SBF referred to the bankruptcy court’s assertion that it operates FTX as a personal fiefdom. That being said, Sam Bankman-Fried also said, “I would like to have more accountability and transparency for third parties.”
The FTX exchange filed for bankruptcy earlier this month after several days of unrest. It appears that not only the company’s investors and creditors lost a fortune in the crash. Indeed, the former FTX CEO suggests that he lost almost everything in this deal.
Get a digest of news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss any important Cointribune news!
The failed cryptocurrency investment in 2017 not only did not dampen my enthusiasm, but only increased my enthusiasm. Therefore, I decided to study and understand the blockchain and its many applications, as well as pass on information regarding this ecosystem with my pen.