Sam Bankman-Fried says he has $100K left in bank account after FTX collapse
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Sam Bankman-Fried, the former CEO of collapsed cryptocurrency exchange FTX, has revealed in an interview this week that he only has $100,000 left in his bank account.
The 30-year-old made the remark after once being valued at a staggering $26.5 billion, according to Axios.
"Am I allowed to say a negative number?" Bankman-Fried reportedly told Axios after being asked about his finances. "I mean, I have no idea. I don't know. I had $100,000 in my bank account last I checked."
"It's complicated. Basically everything I had was just tied up in the company," Bankman-Fried added.
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Sam Bankman-Fried, co-founder and former chief executive officer of FTX, in Hong Kong, China, on May 11, 2021. (Lam Yik/Bloomberg via Getty Images / Getty Images) Bankman-Fried told Axios that during his time in charge of FTX, "There's certainly an extent to which that I wish there had been someone who wasn't me who was in charge of managing conflicts of interest." He also said: "I wish that I had more reporting and transparency to outside parties." GET FOX BUSINESS ON THE GO BY CLICKING HERE Sam Bankman-Fried, founder and former chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks in New York on Aug 17, 2022. (Jeenah Moon/Bloomberg via Getty Images / Getty Images) John Ray, who was appointed FTX CEO after Bankman-Fried revealed his financial troubles, filed for bankruptcy and resigned, said in court filings earlier this month that FTX and its dozens of sister companies lacked functional accounting and human resources departments, and Bankman-Fried had received a $1 billion personal loan from one of his own firms. The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida on Nov. 12. (Reuters/Marco Bello / Reuters Photos) "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," he wrote, after noting twice he had worked on Enron's collapse. "From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented." FOX Business’ Michael Ruiz contributed to this report. Source: Read Full Article
