Bankrupt exchange FTX is in receivership proceedings in the state of Delaware in the United States. Meanwhile, its former CEO Sam Bankman-Fried had a phone interview with Axios. During the interview that took place on Monday evening, the founder of Alameda Research spoke about the state of his finances. He also suggested that the collapse of crypto exchange FTX could have been avoided.
Sam Bankman-Fried is no longer a billionaire, let alone a millionaire!
The founder of Alameda Research said during his interview that he only has $100,000 left in the bank. When asked about the state of his personal finances, he first asked if he had the right to say a negative number. Then he has affirmed : “I mean, I have no idea. I do not know. I had $100,000 in my bank account last time I checked.“. It would therefore seem that the former CEO of a company, which was worth 32 billion dollars, must now start from scratch.
“Basically everything I had was business related“said SBF. It should be noted that the personal wealth of the former CEO of the crypto exchange had exceeded 25 billion dollars, at one time. Furthermore, Sam Bankman-Fried expressed regrets over the collapse of FTX. He explained that he would have liked to be more careful.
“Of course, I deeply regret that. I focused on volume, rather than positions for sales. I should have been more responsible, and I should have been more aware of what was going on“, he specified.
Could regulation have saved FTX?
According to Sam Bankman-Fried, regulating the crypto sector could have prevented FTX from going bankrupt. The former leader also said:There is definitely a degree to which I wish someone other than me was in charge of managing conflicts of interest“.
Through this statement, SBF was referring to the bankruptcy court’s assertion that he was running FTX as a personal fiefdom. That said, Sam Bankman-Fried also said, “I would like to have more reporting and transparency towards external parties“.
The FTX exchange filed for bankruptcy earlier this month after several days of tumult. It appears that it was not just the company’s investors and creditors who lost a fortune in the collapse. Indeed, the former CEO of FTX suggests that he lost almost everything in this deal.
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