Poor Crypto Master Speaks Up, His Money Is Gone
Sam Bankman Fried. Photo: Twitter
- Sam Bankman-Fried, former boss of bankrupt cryptocurrency exchange FTX, has spoken out and denied fraud. The man once hailed as the 'King of Crypto' told The New York Times he was having a 'bad month' and had almost no money left.
Bankman in early November, his wealth was still USD 16 billion or more than Rp 240 trillion. However, the treasure disappeared with the collapse of FTX.
Speaking from where he lives in the Bahamas, he says he only has one credit card left, and that's about $100,000 in debt. Bankman claims not to mislead investors. "I've never tried to commit fraud," he said.
The bankman said for now he is not concerned about the potential for civil or criminal prosecution. "There is a time and a place for me to think about myself and my own future," he said.
The fall of FTX itself could not be separated from the role of the boss of Binance, Changpeng Zhao. Changpeng also said Bankman was a liar. Binance, a company similar in business to FTX, originally intended to buy FTX.
However, they suddenly canceled it and sold the FTT digital assets issued by FTX. This caused a panic where many FTX users simultaneously took FTX deposits which caused the company to collapse.
Zhao said Bankman misused money from consumers. "Sam knows that he is using user funds to trade for Alameda," Zhao said.
He was referring to Alameda Research, the company run by Bankman's girlfriend, Caroline Ellison. "I was shocked, I didn't know that he had lied to everyone," said Zhao.
So, FTX uses the money deposited by its users to trade through Alameda Research which is high risk. Zhao learned of the ulcers after his company, Binance, researched FTX's finances.
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