Sam Bankman Fried's Cryotocurrency  "FTX" collapse

Source : Social Media

The Charity Commission for England and Wales told CNBC that one of the charities there filed a “serious incident report” tied to “the collapse of FTX.” 

Former FTX chief executive Sam Bankman Fried apologized for collapse of cryptocurrency FTX

I didn't ever try to commit fraud on anyone, Bankman-Fried told the Dealbook conference hosted by CNBC and The New York Times.

"l'm deeply sorry about what happened, Bankman-Fried said. "Clearly made a lot of mistakes or things would be able to give anything to be able to do over again."

Bankman-Fried, appearing by video from the Bahamas and donning his trademark t-shirt, said he was "shocked" by many of the details that have surfaced amid the cryptocurrency platform's collapse.

On November 17, Bankman-Fried resigned as FTX filed for bankruptcy protection while facing a large financing shortfall and a deluge of withdrawals from panicked customers. The firm at its peak had been worth some $32 billion.

At the time FTX had taken some $10 billion in customer funds without authorization, according to the Wall Street Journal.

Much attention has focused on the relationship between FTX and Alameda Research, an affiliated trading firm.

Bankman-Fried acknowledged an "embarrassing lack of attention to conflicts of interest between the two firms, but insisted that he was not abreast of the details on Alameda and did not run Alameda.

Among the revelations, the digital currency news site CoinDesk reported on November 2 that Alameda's balance sheet was heavily built on FTT - a token created by FTX and not based on an asset with independent value.

Bankman-Fried suggested US investors in FTX could recover their losses, but did not explain how this might happen. 

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