Disgraced FTX founder Sam Bankman-Fried detailed reasons for the fallen crypto exchange’s failure, reiterating that he did not attempt to commit fraud.
The collapse of FTX was due to «a massive failure of oversight», according to founder and ex-CEO Sam Bankman-Fried during the «New York Times Dealbook Summit» on Wednesday.
He cited issues such as excessive time spent meeting regulators to obtain licenses or approvals and ignorance about the growing interconnectedness between FTX and sister firm Alameda Research.
«Whatever happened, why it happened, I had a duty to our stakeholders, our customers, our investors, the regulators of the world, to do right by them,» Bankman-Fried said via video from the Bahamas. «Clearly, I didn’t do a good job of that. I didn’t ever try to commit fraud on anyone. I’m deeply sorry about what happened.»
Post-SBF FTX
Meanwhile, FTX continues to face the aftermath of its collapse under new CEO and ex-Enron auditor John Ray III.
In the latest, the crypto debacle has even led to a spat with Bahama officials who slammed Ray for his «extremely regrettable» claims that the Caribbean country had improperly seized control of FTX assets.
In a Delaware court hearing on 11 November, FTX stated in the bankruptcy filings that it had uncovered «credible evidence that the Bahamian government is responsible for directing unauthorized access to the debtors’ systems for the purpose of obtaining digital assets of the debtors – that took place after the commencement of these cases».
