FTX Founder Tells Court He Made Management Mistakes

November 03, 2023 at 10:35 AM EDT

During his trial, Sam Bankman-Fried acknowledged mistakes in managing FTX, admitting to a series of minor and major mistakes, with his primary regret being the absence of a dedicated risk management team. Bankman-Fried stated that he had, however, not engaged in any fraudulent activities or misappropriated customers’ funds when questioned by his attorney, Mark Cohen.

Bankman-Fried shared that he had minimal knowledge of cryptocurrencies before launching FTX. He admitted to a lack of understanding regarding how they operated but recognized their potential for trading. As FTX rapidly expanded from a few million dollars in daily trading in 2019 to tens of…

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