{"id":6023,"date":"2023-10-27T15:23:59","date_gmt":"2023-10-27T15:23:59","guid":{"rendered":"https:\/\/infundpros.com\/business\/ftxs-sam-bankman-fried-admits-mistakes-while-running-crypto-empire\/"},"modified":"2023-10-27T15:23:59","modified_gmt":"2023-10-27T15:23:59","slug":"ftxs-sam-bankman-fried-admits-mistakes-while-running-crypto-empire","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6023","title":{"rendered":"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=d0f641e8-2786-4281-a61d-4fe60d2796a1\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Sam Bankman-Fried admitted to making \u201ca number of larger mistakes\u201d when running his cryptocurrency exchange FTX but denied defrauding customers as he took the stand in front of a New York jury in his own defence.<\/p>\n<p>After being sworn in shortly before 10am local time, Bankman-Fried explained that he and his co-founders thought they \u201cmight be able to build the best product on the market\u201d and \u201cmove the [cryptocurrency] ecosystem forward\u201d by establishing the company.<\/p>\n<p>When asked whether that ambition was realised, the 31-year-old said the FTX exchange \u201cturned out basically the opposite\u201d, adding that \u201ca lot of people got hurt\u201d when the business collapsed last November with an $8bn hole in its balance sheet.<\/p>\n<p>Bankman-Fried, the one-time crypto tycoon who faces decades behind bars if convicted on the charges against him including wire fraud and money laundering, will be cross-examined by prosecutors later on Thursday. He has pleaded not guilty. <\/p>\n<p>Wearing a grey suit and purple tie, Bankman-Fried calmly talked the jury through the founding of his two companies \u2014 FTX and an affiliated trading firm, Alameda Research \u2014 with college friends from MIT and former colleagues at New York trading firm Jane Street Capital. The jury has previously heard testimony from some of them, including Gary Wang, Nishad Singh and Caroline Ellison, who are co-operating with the prosecution. <\/p>\n<p>\u201cI made a number of small mistakes and a number of larger mistakes,\u201d Bankman-Fried said of his management of FTX. He added that \u201cby far the biggest mistake was that we did not have a dedicated risk management team\u2009.\u2009.\u2009.\u2009and there were significant oversights\u201d.<\/p>\n<p>On founding Alameda in 2017, Bankman-Fried said he had spotted an opportunity to trade crypto because there was \u201ca ton of excitement, a ton of demand\u201d for buying and selling digital currencies, but \u201cthe banks weren\u2019t involved, the brokers were not involved\u201d.<\/p>\n<p>Despite at the time having \u201cabsolutely no idea how [cryptocurrencies] worked\u201d, Bankman-Fried said he noticed that \u201cthere might be really, really large arbitrage opportunities available\u201d for Alameda to exploit.<\/p>\n<p>Bankman-Fried had given a preview of his testimony, without the jury present, on Thursday, answering questions on a number of issues so the judge could decide whether the topics were admissible as evidence as part of the defence\u2019s case.<\/p>\n<p>On Friday morning, Judge Lewis Kaplan, who is overseeing the case, ruled that Bankman-Fried could not answer questions designed to elicit testimony in which he claims he was following the advice of lawyers when implementing certain policies at FTX and Alameda.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/d0f641e8-2786-4281-a61d-4fe60d2796a1\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Sam Bankman-Fried&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-6023","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sam Bankman-Fried admitted to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=6023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sam Bankman-Fried admitted to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=6023\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-27T15:23:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-wall.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=6023#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=6023\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire\",\"datePublished\":\"2023-10-27T15:23:59+00:00\",\"dateModified\":\"2023-10-27T15:23:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=6023\"},\"wordCount\":450,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=6023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=6023\",\"url\":\"https:\/\/infundpros.com\/?p=6023\",\"name\":\"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-10-27T15:23:59+00:00\",\"dateModified\":\"2023-10-27T15:23:59+00:00\",\"description\":\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sam Bankman-Fried admitted to\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=6023#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=6023\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=6023#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire | inFundPros","description":"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sam Bankman-Fried admitted to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=6023","og_locale":"en_US","og_type":"article","og_title":"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire | inFundPros","og_description":"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sam Bankman-Fried admitted to","og_url":"https:\/\/infundpros.com\/?p=6023","og_site_name":"inFundPros","article_published_time":"2023-10-27T15:23:59+00:00","og_image":[{"width":1920,"height":1200,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-wall.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=6023#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=6023"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire","datePublished":"2023-10-27T15:23:59+00:00","dateModified":"2023-10-27T15:23:59+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=6023"},"wordCount":450,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=6023#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=6023","url":"https:\/\/infundpros.com\/?p=6023","name":"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-10-27T15:23:59+00:00","dateModified":"2023-10-27T15:23:59+00:00","description":"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sam Bankman-Fried admitted to","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=6023#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=6023"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=6023#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"FTX\u2019s Sam Bankman-Fried admits \u2018mistakes\u2019 while running crypto empire"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/6023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6023"}],"version-history":[{"count":0,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/6023\/revisions"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}