FTX Founder Has The Last $100,000 In His Account

Ex-FTX CEO, Sam Bankman-Fried, Denies Any Wrongdoing.

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FTX US, functioning as the US division of the more extensive international FTX crypto derivatives exchange, was financially stable when filing for bankruptcy, according to Bankman-Fried. The former CEO went to Good Morning America on December 1 for an interview with George Stephanopoulos. Bankman-Fried emphasized that FTX was not a “Ponzi scheme” but “a real business.” He also stated not being aware that FTX customer deposits were being used to pay Alameda Research’s creditors, as Alameda´s CEO, Caroline Ellison, said.

The former CEO accepted it was a mistake not to spend time or effort on FTX´s risk management. If he had dedicated an hour daily, none of these would have happened, according to him, and he regretted it.

After the bankruptcy of FTX, the ex-billionaire supposedly lost his money after affirming having only $100,000 in the bank and an ATM card when his net worth was an estimated $20 billion.

Now, Bankman-Fried is focusing on regulatory and legal processes. After the interview was aired, the former CEO used his Twitter account to continue making statements about his initial interview with The New York Times´s DealBook Summit on November 30. In his Twitter statements, he assured that when filing for Chapter 11 bankruptcy, he was convinced that FTX US was financially stable and not sure why US withdrawals were turned off.

Bankman-Fried regretted filing for Chapter 11 bankruptcy on November 16. In his Twitter conversation with Kelsey Piper, a Vox reporter, he accepted making various mistakes but listening to people telling him to file for Chapter 11 bankruptcy was his biggest mistake.

Source: cointelegraph.com