FTX’s Sam Bankman-Fried says he only has $100,000 in his bank account
The former CEO of failed cryptocurrency exchange FTX says he only has his last $100,000 – and that’s just the last time he checked.
In an interview on Monday axios asked Sam Bankman-Fried – once said to be worth $26.5 billion – about his personal finances. His answer: “May I say a negative number?”
“I mean, I have no idea,” Bankman-Fried said. “I don’t know. I had $100,000 in my bank account last time.”
He said determining his fortune was “complicated” and that basically everything he had was “locked up” in the company, which was valued at $32 billion before its collapse.
Of course, FTX filed for Chapter 11 bankruptcy earlier this month. The company ran into a liquidity crisis due to a customer flight that led to its collapse and allegations of fraud within just 48 hours.
“I wish I’d been more careful,” Bankman-Fried said axios. “Of course I deeply regret that. I focused on volume and not on balance positions. I should have been more responsible and I should have stayed more up to date.”
He said he believes regulation could help prevent FTX from imploding.
“There’s certainly an extent to which I wish there was someone, other than me, who was in charge of managing conflicts of interest,” he said, adding, “I wish I had more reporting and transparency towards.” external parties.”
The implosion changed the image of Bankman-Fried, who often went by SBF, from a crypto hero and the next Warren Buffett to a cautionary tale, losing billions of his personal fortune and at least $1 billion in client funds, Reuters previously reported .
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