FTX’s Sam Bankman-Fried says he has simply $100,000 in his checking account

In an interview on Monday, Axios requested Sam Bankman-Fried—who was as soon as mentioned to be value $26.5 billion—about his private funds. His response: “Am I allowed to say a unfavorable quantity?”

“I imply, I do not know,” Bankman-Fried mentioned. “I don’t know. I had $100,000 in my checking account final I checked.” 

He mentioned figuring out his wealth was “difficult,” and that mainly the whole lot he had was “tied up within the firm,” which was valued at $32 billion earlier than its collapse.  

After all, earlier this month FTX filed for Chapter 11 chapter. The corporate suffered a liquidity disaster resulting from a buyer exodus, resulting in its collapse in simply 48 hours and allegations of fraud. 

“I want I’d been extra cautious,” Bankman-Fried instructed Axios. “I clearly deeply remorse this. I’ve been specializing in quantity, moderately than positions for balances. I ought to have been extra accountable, and I ought to have been extra on high of what was happening.”

He mentioned he thinks regulation might have helped stop FTX from imploding.

“There’s actually an extent to which that I want there had been somebody who wasn’t me who was accountable for managing conflicts of curiosity,” he mentioned, including, “I want that I had extra reporting and transparency to exterior events.”

The implosion has shifted the picture of Bankman-Fried, who typically glided by SBF, from a crypto hero and the following Warren Buffett to a cautionary story who’s misplaced billions of his private wealth and a minimum of $1 billion of consumers’ funds, Reuters beforehand reported.