{"id":15054,"date":"2022-12-02T01:46:38","date_gmt":"2022-12-02T01:46:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/despite-the-former-ftx-ceos-media-tour-many-unanswered-questions-remain-bitcoin-news\/"},"modified":"2022-12-02T01:46:38","modified_gmt":"2022-12-02T01:46:38","slug":"despite-the-former-ftx-ceos-media-tour-many-unanswered-questions-remain-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/despite-the-former-ftx-ceos-media-tour-many-unanswered-questions-remain-bitcoin-news\/","title":{"rendered":"Despite the Former FTX CEO’s Media Tour Many Unanswered Questions Remain \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Former FTX CEO Sam Bankman-Fried (SBF) has been talking a lot more since his exchange collapsed a few weeks ago, as he\u2019s spoken at the New York Times Dealbook Summit, sat down with Good Morning America host George Stephanopoulos, and recently conducted an interview with New York Magazine. While doing all of these interviews, SBF has revealed very little and crypto supporters believe SBF is being portrayed as the \u201cboy next door\u201d who simply made a bad mistake, and people are wondering why the FTX co-founder is being treated so delicately.<\/strong><\/p>\n

Crypto Community Believes SBF\u2019s Media Tour Is Simply Meant to \u2018Clean up His Image,\u2019 Portray Him as the \u2018Boy Next Door\u2019 Who Made a Mistake<\/h2>\n

While Sam Bankman-Fried (SBF) has talked to the New York Times contributor Andrew Ross Sorkin, Good Morning America\u2019s George Stephanopoulos, and New York Magazine\u2019s Jen Wieczner, the crypto community still has a lot of unanswered questions. For instance, during his Dealbook conversation,<\/a> SBF insisted he \u201cdidn\u2019t knowingly co-mingle funds.\u201d SBF apologized to an audience question when they asked why SBF decided to steal their life savings. \u201cI\u2019m deeply sorry about what happened,\u201d SBF explained<\/a> at the Dealbook event.<\/p>\n

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Watch Mainstream Media closely and you\u2019ll see who\u2019s been paid off to make sure that #SBF<\/a> has a super clean image.<\/p>\n

\u2014 David Gokhshtein (@davidgokhshtein) November 23, 2022<\/a><\/p>\n<\/blockquote>\n

After all of SBF\u2019s interviews, the crypto community hasn\u2019t seemed satisfied with the former FTX executive\u2019s answers, and people have wondered<\/a> why he\u2019s being treated like \u201cthe boy next door.\u201d Posts on social media show people are disappointed<\/a> that SBF received a round of applause<\/a> after the Dealbook event.<\/p>\n

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SBF: on Good Morning America: “I did not know that there is any improper, huh, use of customer funds.”<\/p>\n

Better be seen as a clueless, ineffective CEO for the rest of your life than risking prison, amirite?<\/p>\n

\u2014 Max Boonen (@maxboonen) December 1, 2022<\/a><\/p>\n<\/blockquote>\n

\u201cA few months ago, a Bahamian man was sentenced to 2 years in prison for stealing $6 worth of hotdogs,\u201d one individual tweeted<\/a>. \u201cSBF is a con man who stole billions of dollars from millions of customers in a historical fraud. He is currently on a corporate media tour, receiving sympathy, praise, [and] applause.\u201d<\/p>\n

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A man who stole $10B, @SBF_FTX<\/a> just got interviewed, portrayed almost as a victim and got an applause at the end<\/p>\n

Still free and fine.<\/p>\n

Aaron Swartz, who downloaded academic journals to share with the world got $1m in fines and 35 yrs in prison. This lead him to take his own life<\/p>\n

\u2014 Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) November 30, 2022<\/a><\/p>\n<\/blockquote>\n

So far, SBF has blamed<\/a> his misfortunes on \u201cpoorly-labeled accounting\u201d practices, and the fact that he doesn\u2019t know how to code. While he stressed that he \u201cdidn\u2019t knowingly co-mingle funds,\u201d people familiar with the matter said<\/a> SBF \u201clent billions of dollars worth of customer assets to fund risky bets\u201d using his quantitative trading firm Alameda Research.<\/p>\n

Other reports<\/a> note that Alameda Research bought a relatively unknown over-the-counter (OTC) desk \u201cto handle FTX banking.\u201d Speaking with New York Magazine, SBF was asked what happened to the $10 billion in customer assets that were seemingly lost.<\/p>\n

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It’s really true that SBF is doing media rounds to great applause. I thought the Hunger Games was implausible fiction. And yet here we are.<\/p>\n

\u2014 Jeffrey A Tucker (@jeffreyatucker) December 1, 2022<\/a><\/p>\n<\/blockquote>\n

\u201cWe should have had way better accounting in place,\u201d SBF replied<\/a> during his interview with Jen Wieczner. \u201cWe should have had way better controls in place.\u201d He also detailed that accounting mistakes were made at a time back \u201cwhen FTX didn\u2019t have bank accounts.\u201d He noted that Alameda had a sizable margin position, and one that \u201cwas not going to be closable in a liquid way in order to make good on its obligations.\u201d<\/p>\n

Alameda\u2019s margin got huge by the middle of 2022 he said, and it went from a \u201csomewhat risky position\u201d to simply \u201ca position that was way too big to be manageable during a liquidity crisis, and that it would be seriously endangering the ability to deliver customer funds.\u201d<\/p>\n

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SBF on Good Morning America 12\/1\/2022 saying he knew funds were being transferred to Alameda pic.twitter.com\/uePr8kqxE9<\/a><\/p>\n

\u2014 Yeah Bro Mike (@YeahBroXRP) December 1, 2022<\/a><\/p>\n<\/blockquote>\n

SBF claims Alameda\u2019s bad bets did not involve Terra\u2019s LUNA<\/a>, but they did occur roughly around the same time frame. As far as the poor accounting that took place, while FTX could not get a bank account, somehow a significant debt position tricked the executive and the \u201ceffective position was billions of dollars bigger than it appeared to be.\u201d<\/p>\n

Similar to the NYT Dealbook event, SBF said one problem was that Alameda was not under his control, and he had not operated the company in years. Often times in SBF\u2019s interviews, he forgets the fact that FTX, the token FTT, and Alameda Research have only been around since 2019. While speaking with Wieczner SBF said:<\/p>\n

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The problem was that Alameda had gotten leveraged. And Alameda is not, like, a company that I monitor day-to-day. It\u2019s not a company I run. It\u2019s not a company I have run for the last couple [of] years.<\/p>\n<\/blockquote>\n

SBF told the Dealbook event audience that his firm realized that things were going downhill on Nov. 6, but the former FTX CEO hasn\u2019t explained<\/a> what happened to the $333 million in BTC<\/a> that vanished between Nov. 6 and Nov. 7, 2022. SBF has not detailed why customers were repeatedly told their assets would be fine if they did not utilize margin positions, and why Alameda and FTX were so close, despite SBF insisting that they were separate entities.<\/p>\n

To this day, there are still many unanswered questions and people believe SBF\u2019s media tour is being leveraged<\/a> to clean up his image<\/a>. It seems that saying \u201csorry\u201d over and over, and over again, is just not cutting the mustard and the crypto community still wants hard answers from the now-disgraced crypto exchange frontman. However, the community doesn\u2019t believe they will get such answers from SBF\u2019s current media tour.<\/p>\n

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\nTags in this story
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Alameda Research<\/a>, Andrew Ross Sorkin<\/a>, Bankruptcy<\/a>, Bankruptcy Filing<\/a>, Dealbook Interview<\/a>, Dealbook Summit<\/a>, democratic party<\/a>, Filing Bankruptcy<\/a>, FTT<\/a>, FTT Token<\/a>, FTX boss<\/a>, FTX former CEO<\/a>, Good Morning America<\/a>, interview SBF<\/a>, Joe Bankman<\/a>, New York Magazine<\/a>, New York Times<\/a>, Nov. 6<\/a>, NYT Report<\/a>, Republicans<\/a>, Sam Bankman<\/a>, Sam Bankman-Fried<\/a>, SBF interview<\/a>, sleepover<\/a>, Virtual Discussion<\/a><\/div>\n<\/div>\n

What do you think about SBF\u2019s media tour and how he\u2019s answered some of the questions he\u2019s been asked about FTX\u2019s collapse? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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