Sam Bankman-Fried (SBF) On What He Thought His Biggest Mistake Was!
Sam Bankman-Fried (SBF) On What He Thought His Biggest Mistake Was!
Before he was arrested earlier this week, former FTX CEO Sam Bankman-Fried had planned to testify before Congress, and despite not being able to, SBF’s written draft of what he planned to say in his testimony have since been released.
SBF’s Mistake
In a 7,000-word draft, SBF explains that one of his most significant mistakes was cutting his workday, losing focus and discipline, and not focusing on risk management.
“I also prided myself on having a strong work ethic; I began FTX routinely working 18 hour days. But for much of 2022, I believe that I was working about 30% less than I used to. And even when I was working, I was less focused and disciplined than I used to be.” SBF wrote.
“I thought that I could hold FTX together despite the expansion. I was wrong,” he wrote. “I bit off more than I could chew, and ended up failing to focus on risk management.”
From SBF's written Congressional testimony: FTX had no risk management. Nada.https://t.co/skNyYBit0t pic.twitter.com/gO3dKK89sb
— Jacob Silverman (@SilvermanJacob) December 13, 2022
Related: SBF Files For New Bail Application In The Bahamas
Sam Bankman-Fried vs John Ray
In his written testimony, Bankman-Fried also complained a number of times regarding new FTX CEO John Ray III, who he claims to not be willing to discuss and work together to help FTX investors recieve their money back.
“I have sent five emails to Mr. Ray. Mr. Ray has never responded, nor has he reached out to me to communicate in any other ways,” SBF claims.
“He has not responded, for instance, to an email of mine that stated: ‘I have potentially pertinent information concerning future opportunities and financing for FTX and its creditors. I also believe that I have relevant financial information about FTX US, and further that I have potentially relevant regulatory information concerning FTX. I would love to talk to you, whether it’s via email or phone, and to work constructively with you and the Chapter 11 team to do what’s best for customers.’”
SBF and John Ray have often been seen to be in disagreement with each other since SBF stepped down from his position last month, with the two continuously giving conflicting reports.
In his testimony, SBF continues to claim that FTX US is fully solvent to his knowledge. Despite this however, John Ray has denied this a number of times, arguing in congress that he “didn’t know how SBF would know that.”
Related: The Next Few Months Will Be Bumpy, Binance CEO CZ Warns
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