Are crypto-currencies the future of money?

Sam Bankman-Fried speaks to The New York Times
Image caption,Sam Bankman-Fried said he had not deliberately misled investors
Sam Bankman-Fried, the former boss of collapsed cryptocurrency exchange FTX, has denied committing fraud. Making his first public appearance since the collapse, the man once hailed as the ‘King of Crypto’ told The New York Times he had had a “bad month” and had almost no money left. FTX fell apart last month, having once been valued at $32bn (£26.5bn). Many investors have not been able to withdraw their funds from the now bankrupt global exchange. ADVERTISEMENT Mr Bankman-Fried, 30, also said his lawyers had advised him not to speak publicly, but he had ignored them. He denied having moved any personal money out of FTX himself – saying he now has “close to nothing.”
  • The fall of the ‘King of Crypto’
Speaking from The Bahamas, he said he had one credit card left which had around $100,000 of debt on it. In the interview he said he had not deliberately misled investors, adding: “I didn’t ever try to commit fraud.” However, asked several times about details of money movements between FTX and other entities, including the trading firm he owned, Alameda Research, he at times seemed sketchy in detail. He also said the company had indulged in “greenwashing” where firms engage in environmental projects for publicity. Mr Bankman-Fried was once viewed as a young version of legendary US investor Warren Buffet, and as recently as late October had a net worth estimated at more than $15bn. Are crypto-currencies the future of money? However, he says, he underestimated the sheer amount of cash needed to cover FTX customers’ withdrawals – leading to a run on the exchange. Many crypto firms have struggled with the downturn in the broader economy and amid concerns about the viability of crypto currencies more generally. FTX declared bankruptcy soon after. Mr Bankman-Fried stepped down as CEO on 11 November. According to a court filing earlier this month, FTX currently owes its 50 largest creditors almost $3.1bn. Mr Bankman-Fried had become well known in Washington DC as a political donor, supposedly supporting pandemic prevention and improved crypto regulation. But in his talk with Times reporter Andrew Ross Sorkin, Mr Bankman-Fried confessed much of his Washington DC work had been PR “masquerading as do-gooderism.” Mr Bankman-Fried said for now he was not concerned about potential criminal or civil liability. “There’s a time and a place for me to think about myself and my own future,” he said after starting and stopping several times. “I don’t think this is it.” When asked if he had been truthful in his responses, Mr Bankman-Fried said he was as truthful as he knowledgeably could be. “I don’t know of times when I lied,” he said.

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