Disgraced FTX founder Sam Bankman-Fried — an alum of the vaunted university — gave a bizarre explanation for an $8 billion budget shortfall that helped...
Disgraced FTX founder Sam Bankman-Fried — an alum of the vaunted university — gave a bizarre explanation for an $8 billion budget shortfall that helped force the doomed cryptocurrency platform into bankruptcy last month — claiming he had simply “misaccounted” the cash.
In a section labeled, “What I *thought*,” Bankman-Fried lists $8.9 billion in debts against nearly $28 billion in assets — $9 billion of which were purportedly “liquid.” In another section with the actual numbers, FTX had $8 billion less in liquid assets than Bankman-Fried had claimed. “Misaccounted,” replied Bankman-Fried, who minored in math while graduated from MIT with a Bachelor’s degree in physics.
Bankman-Fried made his latest defense of FTX’s implosion from the luxury penthouse where he, his ex-lover Caroline Ellison and a small group of roommates ran FTX and Alameda Research. Ellison served as CEO of Alameda until its meltdown.
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