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3 Major Highlights from the former FTX boss Sam Bankman-Fried’s Interview at NYT DealBook Summit

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Embattled FTX exchange former boss Sam Bankman-Fried (SBF) on Nov. 30 had an hour-long exclusive interview with New York Times journalist Andrew Sorkin at NYT DealBook summit. Three major remarks made by SBF were summarized below:

Commingling of Funds

In the course of the interview, SBF stated that he “unknowingly commingled funds” between his Alameda research and FTX. This means indiscriminately mixing customers’ funds deposited to FTX for transactions at its sister company Alameda research.

He confirmed that FTX indiscriminately loaned Alameda funds meant for customers despite the FTX’s terms of service, which states that customers’ digital assets are not property of the company.

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Claim on Criminal liability

Reacting to Sorkin’s question whether he is worried about being charged for criminal liability or not, SBF asserted that he was not worried at all.

According to him,

“I don’t think that I personally have, you know [criminal liability] … but I think the real answer is that’s not what I’m focusing on.”

He further added that he is not bothered about his future for now, but his primary concern for now is how to help customers and stakeholders of FTX recover their funds.

SBF Views on Misleading the Public

SBF maintained that there was no personal intention of misleading the public. Recall that SBF revealed in a tweet that has now been deleted on Nov 6 that “FTX is fine. Assets are fine.

The rebuttal was made following Binance’s CEO Changpeng Zhao claim that the exchange was battling insolvency.

I It was no sooner than later that the whole bubble burst and the exchange could no longer hold. SBF asserted that he thought things would finally be stable unknowing it would degenerate.

Legal Reactions Trail SBF’s Remarks

Following some self-indicting remarks made by SBF, crypto attorney Jeremy Hogan, Partner at Horgan & Hogan stated that the brief granted by SBF has led to no fewer than three incriminating statements thus far.

In the same vein, Alan Rosca from the law firm Rosca Scarlato expressed shock over SBF’s statement, stressing that he was testifying at the DealBook summit.

It remains to be seen what will happen to SBF as the investigation into the bankrupt FTX exchange continues.