Sam Bankman-Fried discusses the fall of FTX during a live interview
Sam Bankman-Fried spoke at the New York Times’ DealBook Summit on Nov. 30, live. News Sam Bankman-Fried, former CEO of FTX, claimed that he “unknowingly commingled money” between Alameda funds and customer funds at FTX. Bankman-Fried spoke at the New York Times’ DealBook Summit via a video conference on November 30, where Andrew Sorkin pointed out that “there appears to have been a genuine commingling funds that are FTX customers that weren’t supposed to be commingled together with your separate firm.” “Sam Bankman Fried speaks at the New York Times’ DealBook Summit. Source: New York TimesBankman Fried denied knowing about the commingled money and blamed poor oversight. “I unknowingly combined funds […] I found it shocking how large Alameda was in that position which points to another failure on my part and failures to appoint someone chiefly responsible for that,” Bankman-Fried said. “But I wasn’t trying to comele funds. Alameda’s actions were also deflected by Bankman-Fried. “I wasn’t running Alameda, so I didn’t know what was going on. I didn’t know how large their position was. “The liquidity crisis that led to the implosion of the crypto exchange in November caused a halt to customer withdrawals. It filed for bankruptcy on November 11. Alameda allegedly used client funds to pay for loans that were being recalled because of the credit crunch that was caused by the collapse in LUNA. This is still a developing story. More information will be added as it becomes possible.