CME Group’s CEO Called SBF “A Fraud” & Suspected Corruption at FTX.
During a conference last March, CME Group CEO Terry Duffy met with former FTX CEO Sam Bankman-Fried (SBF), and Duffy called SBF a “fraud.”
Detecting red flags on FTX prior to its collapse
He claims that he detected red flags months before the fall of FTX. In his first one-on-one meeting with the exchange’s founder, Sam Bankman-Fried, he suspected corruption.
He discussed the recent collapse of FTX with the hosts of the podcast “On The Tape”. According to Duffy, he met with Sam Bankman-Fried (SBF) last March and discussed competition with him.
Upon asking the former FTX executive what his ultimate goal was, SBF replied, “Well, I want to compete with you.” Duffy responded that he was open to competition.
“I’ll give you one better, how about I give you my crypto franchises worth $30 million and we’ll go from there?” he said to SBF.
“Let me be your risk manager, I’ll clear it to make sure it’s done properly.” SBF replied that the CME Group CEO would not deploy his model, and Duffy responded to that by saying, “Your model is crap.”
“You know what? You’re a fraud. You’re an absolute fraud. You are supposedly worth $26 billion and you’re an altruist. If you are an altruist at $26 billion, how come there’s not a $10 billion donation going to someone right at this moment in time?” Duffy added.
Duffy doesn’t surprise that FTX success on captivating many investors
The fact that so many investors and high-profile donors were drawn to FTX is not surprising, according to Duffy.
“When you have the greatest quarterback of all time and a supermodel wife doing a commercial picking up the phone saying ‘Are you in, are you in, are you in.’ To me, it looks like a pump-and-dump scheme,” said the CEO.
“People get very influenced by people like Tom [Brady],” he added.
Several hearings will take place in the future, he said. “Let’s follow the money. Let’s see who knew what, when and where.”