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Former FTX CEO Sam Bankman-Fried denies "improper use" of customer funds

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According to the former CEO, at the time of filing for bankruptcy “FTX US was solvent.”

An interview between the Former FTX CEO Sam Bankman-Fried ‘SBF’ and George Stephanopoulos aired on Good Morning America on Dec. 1.

In the interview, SBF was insistent that FTX was not a “Ponzi scheme” but was “a real business.” The former CEO also denied any knowledge of FTX customer deposits being used to pay Alameda Research’s creditors, as reportedly claimed by Alameda’s CEO Caroline Ellison. According to him, he had no knowledge of “any improper use of customer funds”.

Bankman-Fried also admitted to not spending any time and effort trying to manage risk on FTX. He shared:

"There is something maybe even deeply wrong there, which was, I wasn't even trying. Like, I wasn't spending any time or effort trying to manage risk on FTX and that was obviously a mistake.”

"If I had been spending an hour a day thinking about risk management on FTX, I don't think that would have happened. And I don't feel good about that," he added.

Following the collapse of FTX, the former billionaire has allegedly lost his fortune. He claimed to now have only $100,000 in his bank account, and just one ATM card, after his net worth was previously valued at an estimated $20 billion.

Moving forward, Bankman-Fried shared that his focus is working through regulatory and legal processes and "trying to focus on what I can do going forward to be helpful."

Hours after the interview aired, the former CEO took to his Twitter account to expand on statements made in another interview, which took place the night before on The New York Times’ DealBook Summit live on Nov. 30

In the tweet, the CEO insisted that at the time of filing a chapter 11 bankruptcy he was “fairly sure FTX US was solvent, and that all US customers could be made whole”. In his words; “To my knowledge, it still is today”, adding, “I'm not sure why US withdrawals were turned off.”

Expanding on DealBook:

When I filed, I'm fairly sure FTX US was solvent, and that all US customers could be made whole.

To my knowledge, it still is today.

I was expecting that to happen. I'm surprised it hasn't. I'm not sure why US withdrawals were turned off.

— SBF (@SBF_FTX) December 1, 2022

Related: Sam Bankman-Fried confronted over the fall of FTX in live interview

On Nov. 16, Sam Bankman-Fried expressed deep regret over filing for Chapter 11 bankruptcy, calling it his “biggest single fuckup.”

According to screenshots of the Twitter conversation between Vox reporter Kelsey Piper and Sam Bankman-Fried, the former FTX CEO said that although he has made multiple mistakes, the biggest one was listening to what people told him to do and filing for Chapter 11 bankruptcy.

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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