Founder of FTX cryptocurrency exchange speaks out after business empire implodes

Sam Bankman-Fried, founder of the FTX cryptocurrency exchange made his first public appearance on Wednesday. He stated in the interview, “I did not ever try to commit fraud” and repeatedly said he didn’t know the extent of what was going on within his crypto businesses.

At one point the company was worth $32 billion and now is bankrupt and has sparked criminal investigations. Those investigations are focused on whether FTX broke the law by lending its customers funds to a trading firm, Alameda Research, which Mr. Bankman-Fried also owned. Speaking via a video feed from the Bahamas, where FTX was based, the 30-year-old said he didn’t “knowingly commingle funds.” At another point, he said, “I didn’t know exactly what was going on.”

FTX traders have lost billions of dollars that they stored on the platform. Other companies with ties to FTX found themselves on shaky ground as well. On Monday, BlockFi filed for bankruptcy, blaming its links to FTX for the debacle.

On the video stream, Mr. Bankman-Fried said he was speaking publicly against the advice of his attorneys. “That’s not who I am, I have a duty to talk.” Mr. Bankman-Fried also said the crisis had reduced his net worth to about $100,000. “I don’t have any hidden funds,” he said. “I put everything I had into FTX.”

The impact of FTX’s collapse was on full display outside the conference venue where a small group of protesters gathered; one carried a sign that said, “Mr. Bankman-Fried robbed us all.” Ironically as Mr. Bankman-Fried spoke an advertisement flashed at the top of a building visible behind the venue. “Buy stuff,” it said. “Get crypto rewards.”

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