Sam Bankman-Fried Explains Why FTX Prioritize Bahamian Withdrawal

Sam Bankman-Fried, the former CEO and founder of FTX, explained why Bahamian withdrawals were prioritized in an interview with Tiffany Fong published Tuesday.

Prioritizing Bahamian withdrawals

As part of his interview series, Tiffany Fong, who has less than 10,000 subscribers to her YouTube channel, interviewed SBF on Nov. 6 and posted on Nov. 29. “I’ve started to believe in my gut when it comes to things like this,” said SBF of his decision to speak with Fong.

According to SBF, Bahamian withdrawals are his current priority due to where he is at the moment. There was no insider involvement in the withdrawals, according to SBF.

“It was critical to the exchange being able to have a future. You do not want to be in a country with a lot of angry people in it,” he said.

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SBF admitted it was a “shitty” thing to prioritize users in his country of residence, both for their safety and his bankrupt company’s “future.” “The pathway forward for FTX involved Bahamians not being pissed at it,” said Bankman-Fried.

Money laundering in Ukraine

He also discussed his political activities, and rumors about money laundering of donations to Ukraine.

“I donated about the same to both parties. […] All of my Republican donations were dark,” he said.

“The Ukraine one? I wish I could have pulled that off. I wish. I didn’t fully understand the goal of it. I was helping Ukraine launder funds for the Democratic Party? I don’t know why Ukraine is laundering funds for the Democratic Party. I don’t know how they would or why they would,” he added.

Meanwhile, the second phone interview, undated, revolved around Alameda Research’s misuse of FTX customer funds.

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“what a hyper-correlated cross-scenario looks like. It’s the oldest game in the book in finance. […] There was no one person in charge of monitoring risk positions at FTX,” he explained.

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Jamilatul Mahmudah

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