Sam Bankman-Fried says he 'didn't ever try to commit fraud'
The Hindu
Bankman-Fried told Reuters the company did not "secretly transfer" but rather misread its "confusing internal labelling
Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, attempted to distance himself from any suggestion of fraud in his first public appearance since his company's collapse stunned investors and left creditors facing losses totalling billions of dollars.
(For insights on emerging themes at the intersection of technology, business and policy, subscribe to our tech newsletter Today’s Cache.)
Speaking at the New York Times' Dealbook Summit with Andrew Ross Sorkin, Bankman-Fried said that he did not knowingly commingle customer funds on FTX with funds at his proprietary trading firm, Alameda Research.
The liquidity crunch at FTX came after Bankman-Fried secretly moved $10 billion of FTX customer funds to Alameda Research, Reuters reported, citing two people familiar with the matter. At least $1 billion in customer funds had vanished, the people said.
Bankman-Fried told Reuters the company did not "secretly transfer" but rather misread its "confusing internal labelling.
FTX filed for bankruptcy and Bankman-Fried stepped down as chief executive on November 11, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.
"By late on Nov. 6 we were putting together all of the data... that obviously should have been part of the dashboards I was always looking at... and when we looked at that, there was a serious problem there," Bankman-Fried said.
“We are judges and therefore, cannot act like Mughals of a bygone era ... the writ courts in the guise of doing justice cannot transcend the barriers of law,” the High Court of Karnataka observed while setting aside an order of a single judge, who in 2016 had extended the lease of a public premises allotted to a physically challenged person to 20 years contrary to 12-year period stipulated in the law.
The High Court of Karnataka on Monday declined to interfere, at present, in the investigation against a Bharatiya Janata Party worker, who is among the accused persons facing charges of circulating obscene clips, related to “morphed” images and videos clips related to Prajwal Revanna, former Hassan MP, in public domain through pen drives and other modes.
The 16th edition of Bhoomi Habba was held on June 8, at the Visthar campus. The festival drew a vibrant crowd who came together to celebrate eco-consciousness through a variety of engaging activities, creative workshops, panel discussions, interactive exhibits and performances, all centered around this year’s theme: “Save Water, Save Lives.”