As October turned to November, Sam Bankman-Fried had an estimated net worth of $16 billion.
““I don’t have any hidden funds here – everything I have, I’m disclosing.
Everything I had, even all the loans I had, those were things I was reinvesting.
I put everything I had in FTX.”
Until November, FTX was among the world’s biggest cryptocurrency exchanges.
Its implosion began on Nov. 2, when the company’s finances were leaked to CoinDesk.
In short, the foundation of Alameda’s finances was an asset issued by its sister company.
The closure of Alameda Research came next, then FTX and FTX.US filed for bankruptcy.
Bankman-Fried could offer no meaningful defense.
“Look, I screwed up.
I was the CEO of FTX, that means I was responsible,” he said.
“We messed up big.”
Bankman-Fried said he hopes that FTX’s finances could be salvaged and customers repaid.
