Former FTX CEO Sam Bankman-Fried denies "improper use" of customer funds
According to the former CEO, at the time of filing for bankruptcy “FTX US was solvent.” An interview between the Former FTX CEO Sam Bankman-Fried ‘SBF’ and George Stephanopoulos aired on Good Morning America on Dec. 1. In the interview, SBF was insistent that FTX was not a “Ponzi scheme” but was “a real business.” The former CEO also denied any knowledge of FTX customer deposits being used to pay Alameda Research’s creditors, as reportedly claimed by Alameda’s CEO Caroline Ellison. According to him, he had no knowledge of “any improper use of customer funds”. Bankman-Fried also admitted to not spending any time and effort trying to manage risk on FTX. He shared: "There is something maybe even deeply wrong there, which was, I wasn't even trying. Like, I wasn't spending any time or effort trying to manage risk on FTX and that was obviously a mistake.” "If I had been spending an hour a day thinking about risk management on FTX, I don't think that would have h...