Sam Bankman-Fried seems preoccupied with transparency – or at least the appearance of honesty.
Bankman-Fried agreed when asked by several co-hosts, displaying varying degrees of courtesy at Nawfal’s popular twitter space performance. He was on time and seemed willing to be candid – at least about the things he was willing to discuss.
When Nawfal asked how he was, Bankman-Fried replied gloomily, “Oh, you know, it’s been enough of a month.”
Bankman-Fried tolerates some very negative questions in a way that makes them almost sympathetic, until you consider the amount of human suffering caused by your fall. ftx ftt/usd,
Despite allegedly stealing over $3 billion in customer funds, he wants us to acknowledge that he was just a regular guy doing his best.
1. Sam was doing this interview because we deserve it.
SBF: “I think you all deserve to hear from me about what happened. I feel incredibly bad about it. And I think that’s the least I can do.”
These insights are not entirely the prizes of Bankman-Fried’s imagination, but perhaps they will someday be admissible in future legal cases.
More importantly, Bankman-Fried may not have hit the notes he was meant to — the kind that makes the Internet love it again.
2. Sam believed that whatever happened was his responsibility. Maybe, mostly.
SBF: “At the end of the day, I was the CEO of FTX. It means that somehow, whatever happens is my responsibility. I was not on top of some of the most important things that I should have been. He’s on me
While the financial and legal complications have yet to be fully disclosed, it is bold for Bankman-Fried to take full responsibility. He leaves open the idea that even if it is ultimately his fault, it could be someone else’s fault as well.
“I don’t think I think anybody was really at the helm of international position risk management. You know, there could have been a lot of people, but I was the person who should have been responsible for making sure that somebody was .
3. SBF did not control Alameda’s former CEO Carolyn Ellison.
Bankman-Fried was asked one of the most rudely worded questions I’ve ever heard in an interview Caroline Ellisonformer CEO of almida,
The interrogator suggested that Bankman-Fried used his alleged romantic entanglements with Ellison to control her and misappropriate FTX client funds.
SBF: “I don’t control him. I never did. I wasn’t involved in Alameda. I wasn’t involved in the business at all and haven’t been for years. I wasn’t intentionally involved because I was concerned about a conflict of interest.” ”
4. Whether or not the asset had one-to-one support on FTX was yet to be determined.
This line of questioning continued despite the fact that the questioner was asking more like a prosecuting attorney. Bankman-Fried continued to vaguely offer possible explanations.
SBF: “Client balances were equal to assets, as long as you count the negative, as well as the positive side. If you add up all client balances, positive and negative, they were equal to FTX’s assets.
No doubt it will be a subject of continuous discussion.
5. SBF did not have access to FTX system and accurate data.
SBF: “Unfortunately, I don’t have access to most of the data right now. I’ve lost access to a number of systems. Because of this, this is all being pieced together from my memory from pieces of data that I can only remember a few days after the accident.” I’ve been able to find it from the analysis I’ve done. These are all going to be approximate answers, and I apologize for that. I don’t have exact ones.
maybe it makes sense because FTX has Appointed new CEO and said Bankman-Fried no longer speaks for the company.
6. Re-investment of client funds was clearly covered under FTX’s TOS
Users may have read the FTX Terms of Service (TOS), but according to Bankman-Fried, they need to read carefully because some ToS terms can override other terms.
SBF: “So some parts of the Terms of Service have been overwritten by other parts of the Terms of Service. That was one part of the Terms of Service. But there are several pieces of the Terms of Service or other parts of the Exchange,” he said.
“So if you imagine a customer having a futures position on the platform, it is a situation where in order for one party to be able to have a position fulfilled, the other side is able to close out their position. They The market profits that they have and are credited to the platform are conditional on FTX being able to liquidate the other side of that futures contract. The same is true for all spot margin positions on the platform. And that tha if you read the full terms of service, it’s written in the terms of service,” he said.
Another reason to read the TOS very carefully.
Sam-Bankman Fried still gets invited a lot to join Benzinga future of crypto Summit in New York City at Pier Sixty on December 7th. We hope he decides to join us.
Photo: Sam Bankman-Fried Photo, Via Cointelegraph wikimedia commons