Speaking live at the New York Times Dealbook event, Sam Bankman-Fried declared that he did not “knowingly commingle funds.”
“I was surprised just how big Alameda’s position was… I wasn’t trying to commingle funds.”
When asked how he can accept the difference between his prior statement on Twitter that the issue with FTX came down to an “accounting mistake,” SBF blamed poor internal dashboards for poor management of funds.
SBF continued to reference the failure of other crypto borrow-lending desks in 2022. According to SBF, Alameda had margin positions open with these desks and moved them to FTX after they shut down.
“I think there is a substantial discrepancy between the actual positions and the dashboards that were used to display the nature of Alameda’s positions.”
Concerning Alameda, SBF declared, “I didn’t know exactly what was going on,” as he seemingly distanced himself from the firm. While SBF repeatedly stated that he made “pretty big oversights” in managing funds between FTX and Alameda, he leaned heavily on the mistakes in Alameda’s court rather than FTX’s.
SBF did admit that he was “embarrassed” about his inability to anticipate the scale of the “market crash.”
This story is developing, and the live stream can be viewed below.
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