Bankman-Fried Claims He Didn’t Know FTX Was in Dire Financial Condition

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The Street

By Luc Olinga The founder and former CEO of the cryptocurrency exchange FTX tries to explain what precipitated the downfall of his empire. Sam Bankman-Fried, the deposed crypto king, does not want to leave the stage. The curtain has however been drawn. What’s worse is that he was the one who drew it by filing for Chapter 11 bankruptcy on November 11th. A decision that will go down in the annals of finance as one of the biggest disasters since the 2008 crisis. In February, FTX was valued at $32 billion. Less than nine months later, all that valuation has gone up in smoke. Hundreds of thousands …

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