{"id":8886,"date":"2022-12-01T05:51:24","date_gmt":"2022-12-01T05:51:24","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8886"},"modified":"2022-12-01T05:51:25","modified_gmt":"2022-12-01T05:51:25","slug":"legal-professionals-astonished-as-sbf-admits-failures-apologizes-12-times-in-interview","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8886","title":{"rendered":"Legal professionals astonished as SBF admits failures, apologizes 12 times in interview"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Former FTX CEO Sam Bankman-Fried apologized or admitted failure at least 12 times during his appearance at the New York Times&#8217; DealBook Summit on Nov. 30.\u00a0<\/p>\n<p>In a wide-ranging video interview, Bankman-Fried was asked to answer a number of questions surrounding the downfall of the now-defunct exchange, with some even suggesting that some of his statements could be used to incriminate him in legal proceedings. <\/p>\n<p>In a Nov. 30 Twitter post, crypto attorney Jeremy Hogan, Partner at Hogan &amp; Hogan said that the \u201clight cross-examination\u201d of Bankman-Fried at the DealBook Summit has already returned \u201cat least 3 incriminating statements so far.\u201d <\/p>\n<p lang=\"en\" dir=\"ltr\">SBF is getting a light cross-examination at the NYT\/Dealbook Summit and has made at least 3 incriminating statements so far.<\/p>\n<p>Why are his lawyers (or parents) letting him do this?? pic.twitter.com\/Nd0poutAA0<\/p>\n<p>\u2014 Jeremy Hogan (@attorneyjeremy1) November 30, 2022<\/p>\n<p>Alan Rosca from the law firm Rosca Scarlato said it was \u201cpretty astonishing that he\u2019s in effect testifying at the DealBook summit. Hard to think of a precedent for this.\u201d <\/p>\n<p>Bankman-Fried\u2019s first concession came while greeting interviewer Andrew Sorkin, when he said in reference to the collapse of FTX: <\/p>\n<p>\u201cClearly, I made a lot of mistakes or things I would give anything to be able to do over again.\u201d<\/p>\n<p>An apology came moments later when Sorkin confronted him with a letter written by an FTX customer who lost $2 million in life savings after the exchange collapsed. <\/p>\n<p>\u201cI&#8217;m deeply sorry about what happened,\u201d said Bankman-Fried in response to the customer&#8217;s story.<\/p>\n<p>Former FTX CEO Sam Bankman-Fried during the hour-long live-video appearance. Source: New York Times&#8217; DealBook Summit.<\/p>\n<p>Later, when discussing the allegations that\u00a0Alameda used FTX client funds to cover loans, Bankman-Fried said that while he \u201cdidn&#8217;t know exactly what was going on\u201d at Alameda,\u201d he concedes it was still his duty as FTX CEO to \u201cmake sure I was doing diligence.\u201d<\/p>\n<p>\u201cA lot of these are things that I&#8217;ve learned over the last month that I learned [&#8230;] I mark that as a pretty big oversight that I wasn&#8217;t more aware of,\u201d he said.<\/p>\n<p>Bankman-Fried admitted failure again when quizzed about FTXs former standing in the industry and the loss of trust in crypto now that the exchange has collapsed, stating: \u201cI mean, like, look, I screwed up.\u201d<\/p>\n<p>\u201cI was CEO, I was the CEO of FTX. And I mean I say this again and again, that that means I had a responsibility that means that I was responsible ultimately for doing the right things and I mean, we didn&#8217;t. Like, we messed up big.\u201d<\/p>\n<p>He continued to concede FTX\u2019s failings, stating \u201cthere absolutely were management failures\u201d oversight failures, and transparency failures. <\/p>\n<p>Toward the end of the interview, Sorkin directly asked Bankman-Fried whether he had been truthful with the audience and whether he agreed that there had been times that he had lied.\u00a0<\/p>\n<p>Bankman-Fried said he wasn\u2019t aware of any times that he lied, but explained that there were times when asking as a representative or \u201cmarketer\u201d for FTX, that he would paint FTX \u201cas compelling [&#8230;] as possible.\u201d <\/p>\n<p>\u201cI wasn\u2019t talking about what are the risks involved with FTX [\u2026] I obviously wish that I spent more time dwelling on the downsides and less time thinking about the upsides. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>\u2018I never opened the code for FTX:\u2019 SBF has long, candid talk with vlogger<\/em><\/strong><\/p>\n<p>Bankman Fried was asked what his lawyers are telling him at the moment, and whether it was a good idea for him to be speaking publicly. He answered \u201cvery much not.\u201d<\/p>\n<p>\u201cI mean, you know, the classic advice, don\u2019t say anything [&#8230;] recede into a hole.\u201d<\/p>\n<p>Bankman-Fried said he believes he has a duty to talk to people and explain what happened and to \u201ctry and do what\u2019s right.\u201d<\/p>\n<p>&#8220;I don&#8217;t see what good is accomplished by me just sitting locked in a room pretending the outside world doesn&#8217;t exist,&#8221; he explained. <\/p>\n<h3>&#8216;Soft-balled it,&#8217; says community<\/h3>\n<p>While the interview appeared to cover a number of confronting issues for Bankman-Fried, some in the community still believe that the questions were not challenging enough, nor was there an adequate follow-up to some of the hard-hitting questions. <\/p>\n<p>A Twitter poll launched by a self-proclaimed crypto trader \u201cCantering Clark\u201d found that more than half of the 1,119 respondents believed Sorkin \u201cSoft-balled\u201d the interview with Bankman-Fried. <\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/legal-professionals-astonished-as-sbf-admits-failures-apologizes-12-times-in-interview\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former FTX CEO Sam Bankman-Fried apologized or admitted failure at least 12 times during his appearance at the New York Times&#8217; DealBook Summit on Nov. 30.\u00a0 In a wide-ranging video interview, Bankman-Fried was asked to answer a number of questions surrounding the downfall of the now-defunct exchange, with some even suggesting that some of his [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8886"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8886\/revisions"}],"predecessor-version":[{"id":8888,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8886\/revisions\/8888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8887"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}