Sam Bankman-Fried speaks in public for the first time

Sam Bankman-Fried, the founder of FTX, will make his first public appearance following his company’s bankruptcy filing.

The bankruptcy proceedings of FTX

Sam Bankman-Fried will be speaking next week at the New York Times’ annual “DealBook Summit.” Bankman-Fried confirmed this yesterday via Twitter.

This will be Bankman-Fried’s first public appearance since FTX filed for bankruptcy. The bankruptcy proceedings have revealed many dark details about FTX. This includes the improper use of client funds, the use of company funds to purchase personal property, and much more.

Partly due to this irrational handling of client money, FTX suffered a $51 billion crash in the values ​​of its collateral. On this, SBF said:

I didn’t mean for this to happen, and I would give anything to be able to go back and do things again. I didn’t realize the full magnitude of the margin position, nor did I realize the magnitude of the risk of a hyper-correlated crash.

Nothing is off limits

One of the New York Times spokespersons stated that Bankman-Fried will participate from the Bahamas, where the crypto exchange is based. The crypto community has accused the NY Times of its soft coverage of the whole FTX situation. But in his tweet, Sorkin said:

There are many important questions that need to be asked and answered. Nothing is off limits.

With last week’s bankruptcy proceedings, SBF has already resigned as CEO of the company. Instead of appearing on TV, SBF has opted to create lengthy tweet threads. But this social media presence has actually gotten the founder of FTX into trouble.

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Law firm Paul Weiss noted that they have stopped representing SBF citing conflict. Major regulatory authorities in the US are now seeking help from new FTX Chief Executive Officer John J. Ray III.

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