Former FTX CEO Sam Bankman-Fried says he didn't 'try to commit fraud'
Sam Bankman-Fried, the once-celebrated crypto entrepreneur whose empire now faces bankruptcy, said Wednesday at his first public appearance since he stepped
Sam Bankman-Fried, the once-celebrated crypto entrepreneur whose empire now faces bankruptcy, said Wednesday at his first public appearance since he stepped down as CEO of FTX that he did not “try to commit fraud on anyone.”
Bankman-Fried, appearing at the New York Times DealBook Summit, insisted in an interview with CNBC anchor Andrew Ross Sorkin over a video call that he was "shocked" by his firm's collapse.
"I was excited about FTX a month ago. ... I was shocked by what happened,” Bankman-Fried said, adding, "I substantially underestimated what the scale of the market crash could look like and the speed of it."
Andrew Ross Sorkin speaks with FTX founder Sam Bankman-Fried during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on Nov. 30, 2022 in New York.Michael M. Santiago / Getty ImagesA growing number of regulators are investigating Bankman-Fried and his former company, and the fallout from the collapse of FTX is only expanding.
The company’s new CEO, John Ray III, said in bankruptcy filings that in his 40-year career, he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.” Ray is expected to testify before the House Financial Services Committee on Dec. 13.
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