Sam Bankman-Fried Says FTX Comingled Customer Funds As Early As July 2022



Sam Bankman-Fried joined New York Times reporter Andrew Ross Sorkin at the DealBook Summit on Wednesday to discuss the demise of the platform.

Bankman-Fried co-founded FTX, one of the biggest cryptocurrency exchanges in the world, and it failed this month.

On Nov. 11, the same day FTX filed for Chapter 11 bankruptcy protection, Bankman-Fried announced his resignation from the company. Additionally, the 30-year-old is under investigation in the U.S. and internationally for alleged securities breaches.

“I unknowingly comingled [customer] funds, and [Alameda Research] funds,” Bankman-Fried said while explaining that he didn’t know that Alameda was borrowing FTX customer funds.

Bankman-Fried said that the comingling of funds began as early as July 2022, roughly the same time that Three Arrows Capital collapsed, which infected the crypto industry.

See Also: Wastin’ Away In FTX Debt: FTX Debtors Include Amazon, Lawyers And This Music-Themed Hospitality And Resort Company

This story is developing. Please check back in for updates.

Photo: FTX YouTube screenshot



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