'I was shocked by what happened,” Sam Bankman-Fried says. 'I substantially underestimated what the scale of the market crash could look like and the speed of it.'
Several other speakers at the event also nodded to the fallout.
Days after the CoinDesk report, FTX rival Binance announced it would sell its FTX holdings, setting off a bank-run-style rush of withdrawals. Just over a week later, FTX filed for Chapter 11 bankruptcy protection after it failed to raise emergency capital necessary to return users’ funds and keep operating.
“When you go back to 2019, FTX and Alameda were very connected in a number of ways,” he told the DealBook audience. On the first day of the bankruptcy hearings, FTX’s attorneys painted a picture of the gross mismanagement and lack of oversight under Bankman-Fried that precipitated the firm’s rapid unraveling.
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