Bankman-Fried Says His Bank Account is Down to $100k, FTX’s Collapse was Preventable

Sam Bankman Fried broke money falling out of pockets

Former crypto billionaire, and founder of the infamous failed cryptocurrency exchange FTX, has revealed in his latest interview that his bank account holds only $100,000.

SBF’s Account Holds Only $100,000

In his latest interview with Axios, the 30-year-old former executive of FTX and Alameda Research has revealed that he is down to only $100,000 despite being worth $26.5 billion at his peak.

When asked about his personal finance, Bankman-Fried, who lost more than 99% of his wealth as FTX imploded, said “I had $100,000 in my bank account last I checked,” as virtually everything he had was tied up in the company.

FTX’s Collapse Could have been Prevented

Hinting at the possible cause of FTX's collapse, SBF said "I've been focusing on volume, rather than positions for balances."

However, he believes that FTX could have had a 50-50 chance if Binance’s Changpen Zhao had not expressed his concerns.

Bankman-Fried agrees with the court’s ruling that he ran FTX like a personal fiefdom, wishing “there had been someone who wasn’t me who was in charge of managing conflicts of interest.”

In addition, the former FTX boss believes that the collapse of FTX would have been preventable if there were stricter regulations and proper oversight. Ripple’s general counsel Stuart Alderoty has blamed the SEC for BlockFi’s bankruptcy.

On the Flipside

  • Critics have asked Bankman-Fried, who would be speaking at the New York Times DealBook conference, to keep quiet and stop worsening matters.

Why You Should Care

Although nothing can be done to salvage the multi-billion dollars SBF once held, his interviews hope to explain the reason behind his company’s implosion.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia