{"id":453114,"date":"2023-10-31T14:23:16","date_gmt":"2023-10-31T14:23:16","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=453114"},"modified":"2023-10-31T14:23:16","modified_gmt":"2023-10-31T14:23:16","slug":"sam-bankman-fried-says-he-made-small-and-large-mistakes-only-called-some-of-the-shots-as-ftx-ceo","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sam-bankman-fried-says-he-made-small-and-large-mistakes-only-called-some-of-the-shots-as-ftx-ceo","title":{"rendered":"Sam Bankman-Fried Says He Made ”Small” And ”Large” Mistakes, Only Called Some Of The Shots As FTX CEO"},"content":{"rendered":"

FTX founder Sam Bankman-Fried said he made “small” and “large” mistakes and that he had only called <\/span>some of the shots as CEO of the bankrupt crypto exchange he founded, but denied allegations of defrauding customers.<\/span><\/a><\/span><\/p>\n

Under questioning by his defence attorney, Mark Cohen, Bankman-Fried said one of his biggest <\/span>oversights was the absence of a dedicated risk management team. <\/span><\/p>\n

“We sure should have had one, but no, we did not,” he said.<\/span><\/p>\n

Bankman-Fried Had ‘No Idea’ How Crypto Worked<\/h3>\n

Bankman-Fried seemed to want to portray himself as an earnest visionary who was overwhelmed with tasks and had limited knowledge about the cryptocurrency industry prior to establishing FTX in 2019.<\/span><\/p>\n

“I had absolutely no idea how they worked,” he said. “I just knew they were things you could trade.” .<\/span><\/p>\n

Cohen portrayed him as a young executive who “made mistakes” while navigating the challenges of leading a rapidly expanding venture. <\/span><\/p>\n

On Friday, Bankman-Fried had said that “many people got hurt”  when FTX experienced a collapse last year. He clarified that he never intended to defraud any of them.<\/span><\/p>\n

“We thought that we might be able to build the best product on the market,” Bankman-Fried said. “It turned out basically the opposite of that.”<\/span><\/p>\n

\n

For the first time in the trial, the jury heard from Sam Bankman-Fried directly. <\/p>\n

Early in his testimony, he copped to making “a number of small mistakes and a number of large mistakes”—the largest of which, he said, was not hiring a risk-management team. https:\/\/t.co\/AYthf6KHhZ<\/a><\/p>\n

— The Daily Beast (@thedailybeast) October 27, 2023<\/a><\/p><\/blockquote>\n