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FTX CEOs John Ray III and Sam Bankman-Fried trade fresh barbs on Thursday, January 19, 2023
Sam Bankman-Fried is a financial and cryptocurrency entrepreneur, co-founder and former CEO of the now-defunct cryptocurrency exchange FTX. According to Investopedia, he rose to prominence as head of one of the world’s largest cryptocurrency exchanges before his digital currency empire came to an abrupt end in early November 2022, and his personal net worth was once around 260. was over a billion dollars.
Before the fall of FTX, Bankman-Fried was ranked the 41st richest American by Forbes 400 and the 60th richest person in the world by The World’s Billionaires. His net worth has reached $26 billion. His estimated net worth as of October 2022 was $10.5 billion. According to Bloomberg’s Billionaires Index, by November 8, 2022, his net worth dropped 94% in one day to reach $991.5 million while FTX went bankrupt. Estimated. This is his biggest one-day drop in index history. As of November 11, 2022, Bloomberg’s Billionaires Index said Bankman He considered Freed to have no real assets.
Before Bankman-Fried’s assets disappeared in November 2022, Bankman-Fried was a major contributor to Democratic political campaigns and was set to spend tens of millions of dollars in the 2024 US presidential election.
In the aftermath of the collapse, Bankman-Fried made a bizarre media attack, blaming the public, apparently without grasping the gravity of his wrongdoing. He confessed that he was “a little cocky” and “didn’t put in the time or effort to manage the risks on FTX”, but that he “didn’t intentionally mix the funds” and that he “attempted to commit fraud.” I never did,” he claimed. ”
He admitted to “messy accounting” and “huge administrative failures”, but his explanations did little to soften the losses suffered by the vast number of customers. Despite all his intentions to be, he seemed oblivious to the age-old adage that “the road to hell is paved with good intentions.”
On December 12, 2022, he was detained at his home in the Bahamas. The next day, he was indicted by the U.S. Department of Justice with eight criminal charges against him, and the CFTC and Securities and Exchange Commission (SEC) charged him with two separate civil charges.
In an interview with The Wall Street Journal published Thursday, Ray said the founder’s recent comments were neither productive nor helpful.
“We don’t have to interact with him,” Ray told the Journal. “He didn’t tell me anything I didn’t know yet.”
According to the report, Bankman-Fried countered in a text message reply:
Since taking over in November, Ray has overhauled FTX and moved to recover lost assets to pay back customers and creditors. , accused Bankman-Fried and former staff.
“From my point of view, FTX is currently being portrayed as a cryptocurrency problem. If you really peel off the onion layer enough, I think what’s happening here isn’t really a crypto problem, it’s a scam. And I don’t think we should pretend it’s something else,” Ripple CEO Brad Garlinghouse told CNBC.
Garlinghouse also detailed Ripple’s own exposure to failed cryptocurrency exchanges. In an interview on Wednesday, he said that Ripple has leased about $10 million worth of XRP to FTX and that “they used it for various things related to FTX.” XRP is Ripple’s native cryptocurrency.
Sam says some of the claims made by the company’s attorneys about FTX US are “extremely misleading.” He added that FTX US is “solvent and probably has hundreds of millions of dollars in excess of customer balances.” Lawyers failed to include his $428 million in FTX US bank accounts as assets in the presentation filed in court.
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