Former FTX CEO Sam Bankman-Fried: 'I Didn’t Knowingly Commingle Funds' — Transcript

Full transcript

1. 0:00foreign
2. 0:01[Music]
3. 0:11ER FTX CEO Sam bankman fried I didn't
4. 0:14knowingly commingle funds in a highly
5. 0:16anticipated interview at Wednesday's
6. 0:17deal book Summit Sam bankman fried
7. 0:19expressed regret over his exchanges
8. 0:21collapse but clung to the narrative that
9. 0:23it was a bet gone wrong the collapse of
10. 0:25Sam Bachman fries FTX Empire left
11. 0:27customers with missing funds and
12. 0:29unresolved questions but bankman fries
13. 0:31highly anticipated Wednesday interview
14. 0:33with the New York Times Andrew Ross
15. 0:35Sorkin didn't answer many of those
16. 0:36questions nor did it deliver the Maya
17. 0:38culpa many have hoped to hear from the
18. 0:4030-year-old former crypto billionaire
19. 0:41bankman fried clung to the narrative
20. 0:43that ftx's collapse resulted from an
21. 0:45untimely market crash and maintained
22. 0:47that he had not knowingly committed any
23. 0:49crimes he joined the conversation
24. 0:51virtually from his residence in the
25. 0:52Bahamas against the advice of his
26. 0:54lawyers I did never try to commit fraud
27. 0:56bankman fraud said click here or here
28. 0:59for coindesk reporters live tweets of
29. 1:01bankman Fry's interview
30. 1:03bankmanfridesftx.com and FTX U.S
31. 1:05exchanges were once valued at a combined
32. 1:0740 billion but the entities filed for
33. 1:09chapter 11 bankruptcy protect section
34. 1:11earlier this month after a coin desk
35. 1:13story highlighted balance sheet
36. 1:14irregularities in ftx's trading arm
37. 1:16Alameda research preliminary court
38. 1:19proceedings revealed billions of dollars
39. 1:20in FTX customer funds remain unaccounted
40. 1:23for bankman fright acknowledged becoming
41. 1:25nervous after publication of the
42. 1:26coindesk story on November 2nd although
43. 1:28he didn't think it was existential for
44. 1:30FTX one theory is that bankman fried
45. 1:32improperly transferred those funds
46. 1:34between the FTX exchange and Alameda
47. 1:37which squandered them through a series
48. 1:38of bad trades when asked repeatedly by
49. 1:40Sorkin whether he improperly took
50. 1:42customer deposits and lent them to
51. 1:44Alameda backmanfride said he didn't
52. 1:46knowingly commingle funds bankman fright
53. 1:48attributed the situation to an
54. 1:49accounting mistake saying there was a
55. 1:51substantial discrepancy between the
56. 1:53company's legitimate audited financials
57. 1:55and the figures displayed on the
58. 1:56exchange's faulty dashboards I was
59. 1:58surprised said bankman fried who
60. 2:00fidgeted during the interview and
61. 2:02repeatedly looked down at the floor
62. 2:03although he did not appear to be
63. 2:05simultaneously playing video games as he
64. 2:07often does during media interviews when
65. 2:09pressed about the relationship between
66. 2:10Alameda and FTX bankman fried said it
67. 2:13had decreased over time I was primarily
68. 2:15looking at it from a trading perspective
69. 2:17said bankman fried adding that Alameda
70. 2:19accounted for only about two percent of
71. 2:21ftx's volume in 2022 down from about 45
72. 2:24of ftx's volume in 2019. he said the
73. 2:28fact that FTX employees lived with
74. 2:29Alameda employees did not seem
75. 2:31inappropriate when asked about his
76. 2:33future and whether he had any criminal
77. 2:34liability bankman fried stuttered I
78. 2:37don't personally think that that's not
79. 2:39what I'm focusing on there's going to be
80. 2:40a time and place to think about myself
81. 2:42and my future bachmannfride said I've
82. 2:45had a bad month right now that's not
83. 2:47what matters here
84. 2:50foreign
85. 2:52[Music]