A New York Times report says that FTX founder Sam Bankman-Fried is blaming the FTX collapse on “huge management failures”:

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, made his first public appearance on Wednesday since his business empire imploded this month, insisting that he “did not ever try to commit fraud” and repeatedly saying he didn’t know the extent of what was going on within his crypto businesses.

In a live interview at The New York Times’s DealBook conference in Manhattan, Mr. Bankman-Fried blamed “huge management failures” and sloppy accounting for the collapse of his $32 billion company, which has sparked civil and criminal investigations.

Those investigations are focused on whether FTX broke the law by lending its customers’ funds to a trading firm, Alameda Research, which Mr. Bankman-Fried also owned. Speaking via a video feed from the Bahamas, where FTX was based, the 30-year-old said he didn’t “knowingly commingle funds.” At another point, he said, “I didn’t know exactly what was going on.”

It looks like another huge scam has collapsed, but a Good Morning America interview with Bankman-Fried being questioned by George Stephanopoulos will air Thursday and the SBF head seems to be given a chance to spin the situation:

Alternate headline:

Well at least the media’s giving SBF a chance to try and explain himself.

Time will tell. But if this guy was connected closely to Trump there’s no way in hell he’d be getting this kind of benefit of the doubt from a large segment of the media.

Too bad it’s not very surprising.

We’ll see what the future holds…

Whatever happened, SBF is “deeply sorry” about it:

Ah, OK…

Madoff must be kicking himself.



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