FTX spokesperson Kevin O'Leary described a confrontation he had with Sam Bankman-Fried after FTX's collapse, during a Senate Banking Committee hearing on Wednesday.
File video from 2022 shows squalid condition as Nassau, Bahamas' correctional facility known as Fox Hill Prison.
"I said, okay, let's step back. This is a simple case in my mind of where did the money go?" O'Leary continued. "And I said, ‘Sam, walk me back 24 months. Tell me the use proceeds of the assets of your company. Where did you spend it?’" O'Leary then relayed Bankman-Fried's answer, which was that during the previous 24 months, he had paid between $2 billion and $3 billion toto repurchase FTX shares that Binance or its CEO Changpeng "CZ" Zhao had acquired. O'Leary explained that according to Bankman-Fried, Binance refused to comply with requests from different jurisdictions in order to get licensed, so he ended up buying back the shares at a premium.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. "In my view, my personal opinion, these two behemoths that own the unregulated market together and grow these incredible businesses in terms of growth were at war with each other and one put the other out of business intentionally.
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