Sam Bankman-Fried is frequently covered in the news. You’ll hear and read about him all the time, but seldom from him.
Nevertheless, renowned journalist Tiffany Fong had the opportunity to speak with him. Although the interview was brief, it covered everything you needed to know about Sam Bankman-Fried, FTX, Alameda, and other pertinent information.
SBF discussed bankruptcy, the purported “backdoor,” donations to the Democratic Party, reports of money laundering in Ukraine, the hack, Alameda’s margin position on FTX, utilizing FTT as collateral, and more in an audio interview, Tiffany Fong tweeted. Let’s examine their dialogue in more detail.
Tiffany Fong’s opening query concerned FTX’s backdoor diplomacy and asked him whether people believed that he had a secret door through which he could carry out orders and send money to Alameda, among other things, without changing records.
SBF said, “That I can tell you is certainly not true,” in quite severe terms. Furthermore, he describes this accusation as absolute humiliation for him. The honest and uncomfortable response is, “I don’t even know how to code.”
He acknowledged that individuals used to wire funds to Alameda in order to credit funds to FTX, but he had no desire to take on that responsibility alone.
He was questioned about FXT and FTT and whether using the FTT token as collateral was a wise or foolish choice.
SBF retorted that taking the token as collateral was a preferable alternative given the purchase and burn functionality of the FTT token, however, events did not turn out as expected. He claimed that the issue was “the correlation of assets being dumped and the bank run at the same moment.”
When questioned about FTX US viability and Chapter 11 bankruptcy, Sam Bankman-Fried (SBF) stated right away that declaring bankruptcy was a mistake.
He acknowledged his error, saying, “You can blame the fucking fool you’re talking to for actually filing this document, I should have just said no… It was the proper thing to do to not file – I would give anything to unfile that right now.”
Sam Bankman-Fried, however, no longer has control over the situation and isn’t even the company’s CEO, which is why he is publicly making such claims.
He claims that FTX was even solvent at the moment it released more than $250 million to a hacker. He said that “FTX US is 100% solvent.”
Afterward in the interview, he did, though, acknowledge that he had filed for bankruptcyto protect his staff since, otherwise, “all the users would be whole and withdrawals would be on FTX right now”.
Sam Bankman-Fried responded to whether he donated to the Democratic Party during the elections by saying, “I donated about the same amount to both parties this year,” but all the donations made to the Republican Party were shrouded in secrecy because “media freaks out if you donate to republicans.”
He claimed that SBF was the second or third-largest Republican donor, but nobody was aware of this.
When SBF was questioned about the theft of more than $400 million from the company’s accounts, he responded, “It was an ex-employee or someone planted malware on an ex-employee’s computer” that caused such a significant hacking to the system.
Sam Bankman-Fried confidently responded when Tiffany Fong inquired about the probable future of the FTX US and FTX at the interview’s conclusion: “If nothing happens, if I can never do anything again… FTX US will receive $1 for every $1 invested, whereas FTX will receive $25 for every $1 invested.”