Sam Bankman-Fried is unaware of any inappropriate FTX funding


Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, told ABC News that he “did not know of any inappropriate use of client cash” at his firm, despite rumours that Alameda Research, FTX’s brokerage arm, utilized customer deposits for trading.

In a Thursday ABC News piece, Bankman-Fried was quoted as saying, “I wish I had taken a lot more responsibility for knowing the nuances of what was happening.”

“I should have been on top of this, and I regret and feel terrible that I was not. Numerous persons were injured. And it is my fault,” stated Bankman-Fried.

Bankman-Fried tweeted on Thursday that he was certain FTX US was solvent when the company filed for Chapter 11 bankruptcy. According to my understanding, this is still the case today, he wrote.

In response to charges that customer money at FTX was diverted off and used for crypto trading at Alameda Research, he told the New York Times DealBook Summit on Wednesday that he “didn’t intentionally mix funds.”

FTX, once one of the world’s biggest trading platforms for cryptocurrencies and was valued at US$32 billion, filed for Chapter 11 bankruptcy protection on November 11, along with Alameda and hundreds of other connected firms.

Also Read: ECB warns that promoting Bitcoin might harm the reputation of banks

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