{"id":1759837,"date":"2022-12-02T06:04:14","date_gmt":"2022-12-02T11:04:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1759837"},"modified":"2022-12-02T11:33:19","modified_gmt":"2022-12-02T16:33:19","slug":"sam-bankman-fried-claims-ftx-u-s-users-will-get-100-percent-of-their-money-back","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-claims-ftx-u-s-users-will-get-100-percent-of-their-money-back\/","title":{"rendered":"Sam Bankman-Fried Claims FTX U.S. Users Will Get 100 Percent of Their Money Back"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsam-bankman-fried-claims-ftx-u-s-users-will-get-100-percent-of-their-money-back%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1759837&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.theepochtimes.com\/t-sam-bankman-fried\">Sam Bankman-Fried<\/a>, the former CEO of the bankrupt <a href=\"https:\/\/www.theepochtimes.com\/t-crypto-exchange\">crypto exchange<\/a> FTX, has dismissed the notion that users of the platform will not recover anything substantial from the collapsed firm.<\/p>\n<p>In an <a href=\"https:\/\/www.youtube.com\/watch?v=6DezodR9hNI\">interview<\/a> with YouTube commentator Tiffany Fong, Bankman-Fried said that FTX U.S. will get \u201ca dollar on the dollar\u201d and that international users can expect to get \u201c20 to 25 cents on the dollar\u201d as recovery. FTX had filed for bankruptcy in November after concerns about the company\u2019s balance sheet triggered a rush of withdrawals, pushing the firm into a liquidity crisis. According to the company, more than a million creditors might be affected by the collapse.<\/p>\n<p>In another <a href=\"https:\/\/www.youtube.com\/watch?v=xP54LZB3WRw\">interview<\/a> with Fong, Bankman-Fried blamed the lack of a person overseeing risk management as a problem faced by the company.<\/p>\n<p>\u201cAt the same time, I think, you know, we stretched ourselves too thin. And we\u2019re doing a lot of things at the company\u2014and, you know, I think we should have cut a few of them out and focus more on \u2026 the most important things we were doing well at,\u201d he said.<\/p>\n<p>At the New York Times DealBook Summit in New York on Nov. 30, Bankman-Fried <a href=\"https:\/\/www.theepochtimes.com\/ftx-ceo-says-hes-deeply-sorry-but-is-unaware-of-any-intention-to-defraud-investors_4897655.html\">said<\/a> that although his subsidiary companies are spread over numerous jurisdictions around the world, the U.S. subsidiary was \u201cfully solvent\u201d and \u201cfully funded.\u201d<\/p>\n<p>The former FTX CEO stated that \u201cwithdrawals could be opened up today and everyone could be made whole from that.\u201d<\/p>\n<p>Bankman-Fried also revealed that his wealth was down to only $100,000, with one active credit card. On Jan. 31, FTX had raised $400 million from investors, with the company valued at $32 billion.<\/p>\n<h2>Litigation Suicide<\/h2>\n<p>Claiming he was \u201cshocked\u201d at what happened with FTX, Bankman-Fried insisted at the summit that he didn\u2019t \u201cever try to commit fraud on anyone\u201d and that he made mistakes as the company\u2019s chief executive.<\/p>\n<p>\u201cI unknowingly commingled funds,\u201d Bankman-Fried said, while adding that he was surprised by the extent of risk that some of the company\u2019s subsidiaries had taken with client funds. \u201cBut I wasn\u2019t trying to commingle funds.\u201d<\/p>\n<p>When questioned about whether his lawyers encouraged him to speak out, Bankman-Fried said that they had given him the \u201cclassic advice\u201d of not speaking anything about the issue.<\/p>\n<p>In an <a href=\"https:\/\/edition.cnn.com\/2022\/11\/30\/business\/sam-bankman-fried-ftx\/index.html\">interview<\/a> with CNN\u2019s Howard Fischer, a former lawyer for the Securities and Exchange Commission called Bankman-Fried\u2019s statements at the summit a form of \u201clitigation suicide.\u201d<\/p>\n<p>\u201cEverything he says that turns out to be contradicted by admissible evidence will be taken as evidence of deceit \u2026 I don\u2019t know if this is a sign of unrepentant arrogance, youthful overconfidence, or simply sheer stupidity,\u201d he said.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/NaveenAthrappully.jpg\" alt=\"Naveen Athrappully\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, has dismissed the notion that users of the platform will not recover anything substantial from the collapsed firm.In an<\/p>\n","protected":false},"author":1,"featured_media":1695609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1759837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1759837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1759837"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1759837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695609"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1759837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1759837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1759837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}