FTX founder Sam Bankman-Fried says he ‘screwed up’ but didn’t commit fraud

One key question about the collapse is whether FTX’s customers’ funds were misappropriated and given to FTX’s hedge fund, Alameda Research. Questioned by New York Times columnist Andrew Ross Sorkin, the 30-year-old appeared to be shifting blame to Alameda.

Asked if he had behaved like a bank teller who took the cash from the till home in the evening, Bankman-Fried said: “Look, I wasn’t running Alameda and I didn’t know exactly what was going on and the size of their position.” Alameda’s chief executive, Caroline Ellison, had reportedly been in a relationship with Bankman-Fried.

In earlier interviews at the conference, some of finance’s biggest players weighed in on the scandal. Larry Fink, the chief executive of BlackRock, the world’s largest asset manager, said it appeared that FTX’s collapse was the result of not just mismanagement, but bad behavior. Fink hinted that his firm, which had $24m invested in FTX, may have been given misleading information.

Treasury secretary Janet Yellen said that the FTX collapse was a “Lehman moment” for the crypto industry and described cryptocurrencies as “very risky assets”.

Source: News Formal (newsformal.com)

Literally nobody believes this except the WSJ and NYT lmao

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