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HomeBlockchainWhy FTX Exchange founder SBF blaming customers for fall ?

Why FTX Exchange founder SBF blaming customers for fall ?

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FTX Exchange Founder Sam Bankman Fried shifted his blame to the customers in an recent interview where he claimed I did not try to commit fraud. With all the interview talks, social media didn’t react quite well with the conversation where the people stared to say ,”Instead of being in jail, he is giving Interview, WHY ?

Table of Contents

FTX Exchange

FTX exchange founder SBF have recently appeared in NEW YORK TIMES DEALBOOK SUMMIT where he explained the reasons for the fall of FTX and also talked about on the current setback targets he is focusing on.

Sam bankman fried shared his thoughts on what exactly went wrong within exchange. In the interview talks ,he looked confused on why FTX USA is not processing customers withdrawal even after he claims that American based customers are still on the good page in terms of client assets.

He insisted US FTX issues will be solved soon .

A solvent entity formerly named as LEDGER X, now FTX US DERIVATIVES has given 175 million dollar to the later for bankruptcy lawsuit proceedings.

Crypto Analysts have said ,”FTX is an Extraordinary mess and it will take time in terms of years for the customers to recoever their assets if they feel like doing it “.

“I SCREWED UP ,DIDN’T THOUGHT AND IMAGINED IT CAN HAPPEN TOO

FTX FOUNDER SAM BANKMAN FRIED

Screwed up slogan has been on the social media with aggressive comments over SBF Failure.

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FTX said,”

It was a failure of excessive board members in the management with no precise focus on risk management .Even we didn’t had any person in charge for FTX RISK “

FTX SBF COMMENTS

Reasons for the fall out of FTX

Too Many board members

SBF said there were many board members however ,no one was looking for the operations in all the places like FTX SINAGAPORE,EUROPE,ETC. With this exception no particular entity within the organization look for the compelling risk threats.

Lack of risk controls

The lack of risk controls and for clients margin accounts was also the primarily focus in the interview where SBf mentioned margin accounts went too large and he added ,”he didn’t committed fraud as the margin calls where customers are borrowing from each other and from ALAMEDA.

MisManagement

Yes, Looking over the perspective of not having proper management was the main sole reason of the FTX FALLOUT too.

No guidance of Potential threats

SBF said we spent more time on the downsides and less time on the upsides where we are expecting only 30 % risk on the higher side however, didn’t notice the 95% fallout too for which i would have been more concentrated on the risk side.

There were many hidden gems he shared within the FTX after the fall out . however, he concluded the interview by saying :

I MADE A LOT OF MISTAKES ,NEVER TRIED TO COMMIT FRAUD.I WAS NOT REALLY CONCENTRATED ENOUGH FOR DOWNSIDE PERSPECTIVE .I WAS ONLY FOCUSSING 305 DOWN MOVE THEN A 95% DOWN MOVE HAPPENED “

FTX FOUNDER SAM BANKMAN FRIED STATEMENT

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