Sam Bankman-Fried set to give first public interview: Here’s what to expect.

The former CEO of FTX Trading will soon give his first long public interview after the cryptocurrency exchange fell into Visible Fashion earlier this month.

Sam Bankman-Fried is scheduled to speak at this year’s New York Times DealBook Summit on Wednesday evening in Manhattan. Bankman-Fried resigned from the company on the same day, November 11. FTX filed for Chapter 11 bankruptcy protection, The 30-year-old is also being investigated in the US and abroad for possible securities violations.

On Wednesday, viewers will be looking for a more detailed explanation of what led to FTX’s meltdown. Other questions surrounding Bankman-Fried include its activities since the bankruptcy filing and the status of its effort to raise money to pay back customer accounts.

The ex-CEO has been unusually outspoken since his company’s collapse: he recently told Vox that his previous support of crypto regulations was “just PR” and told Axios this week that his bank account was “depleted by $100,000.” was down.

The FTX bankruptcy has captivated the crypto and finance world. Days after FTX filed for bankruptcy, court documents revealed the company owed at least $3.1 billion to its top 50 creditors.

FTX’s new CEO John Ray III – who previously oversaw Enron’s bankruptcy – said in previously filed court documents, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information.” Haven’t seen it.” this month. Alvarez & Marsal, the accounting firm FTX hired to help it through the bankruptcy, the company said. “did not keep historically reliable books and records.”

FTX bankruptcy hearing begins


Bankman-Fried’s interview awaits the fresh call from Washington to regulate the cryptocurrency industry. Democratic Sen. Sherrod Brown of Ohio this week urged US Treasury Secretary Janet Yellen to develop crypto protection legislation because of what happened with FTX.

“As the bankruptcy filing shows, FTX failed to exercise basic corporate controls or risk management over its operations,” Brown, chairman of the Senate Banking Committee, said in a letter to Yellen on Wednesday. “Furthermore, FTX relied on its own proprietary crypto tokens, which led to inflated valuations that fueled irresponsible risk-taking.”

Bankman-Fried has done a handful of media interviews since the bankruptcy of FTX. He told Vox Media on Twitter earlier this month that his previous show of support this year for government oversight in the crypto industry was “PR”. And that regulators “screw everything up.”

fall like icarus

Where Bankman-Fried is heading into Wednesday’s DealBook event is a far cry from his former glory as the founder of a crypto powerhouse.

Bankman-Fried was born in California to two professors at Stanford University. He graduated from the Massachusetts Institute of Technology with a physics degree and later moved to Hong Kong to start Alameda, which later became the trading arm of FTX.

After a short stint in Hong Kong, Bankman-Fried moved to the Bahamas, where he founded FTX in 2019, just as cryptocurrencies were starting to gain widespread popularity.

Bankman-Fried saw his personal wealth balloon a few years ago, after purchasing a wide range of tokens. According to Forbes, at one point Bankman-Fried’s personal wealth had increased to $26.5 billion. He became a major political donor, including spending $40 million primarily on Democratic candidates and progressive causes, according to the Wall Street Journal.

Widely known as a vegan who loves to play the video game League of Legends, Bankman-Fried has loaned hundreds of millions of dollars to struggling crypto companies, making them “crypto giants” before the collapse of FTX. got the moniker of “Savior”.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button