Sam Bankman-Fried says he 'misaccounted' $8 billion after FTX customers wired money to hedge fund Alameda and the cash was counted twice

Quick Summary:

"I thought the downside was not nearly as high as it was," Bankman-Fried told Bloomberg in an interview about FTX's downfall.

Ray, who also handled Enron's bankruptcy, said FTX is full of "inexperienced" executives and demonstrates a "complete failure of corporate controls".

Sam Bankman-Fried co-founded the crypto exchange FTX in 2019.

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Article Details

Category: Economy

Markets: United StatesBahamas

Topics: Ftx Alameda Accounting SBF Debt Finance Sam Bankman-Fried Alameda research

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-12-02 @ 11:09:09 (2 months ago)

News Timezone: GMT -5:00

Ranking: #1822 (out of 6600 stories this day)

News Source URL: businessinsider.com

Language: English

Article Length: 345 words

Reading Time: 2 minutes read

Sentences: 44 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © Business Insider

News ID: 2098352

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