Sam Bankman-Fried Admits ‘We Were Too Confident and Reckless’ Using Excessive Leverage That Led to Bankruptcy

Former FTX CEO Sam Bankman-Fried says he was “wrong” in pre-debacle crypto exchange leverage estimates. It claims to be not $5 billion, but close to $13 billion.

On Twitter on Nov. 16, Bankman-Fried wrote: said The leverage at FTX generates around $5 billion with $20 billion in assets, with the former CEO saying the crypto market crash “without liquidity” coupled with bank runs has resulted in Approximately $4 billion in withdrawals per day – 25% of consumer assets.

“I was wrong,” says Bankman-Fried, “the leverage is not ~$5 billion, it’s ~$13 billion.”

Authorities in the Bahamas, the United States and Turkey have launched investigations into the collapse. The officials reportedly discussed extradition. Bankman-Fried from the Bahamas to the United States for interrogation But it was unclear whether the extradition following the report involved lawmakers on the House Financial Services Committee.

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The post Sam Bankman-Fried Admits ‘We Were Overconfident and Reckless’ Using Excessive Leverage That Led to Bankruptcy appeared first on Bitcoin Addict.


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