Sam Bankman-Fried doesn’t know who took $515 million from FTX

• Sam Bankman Fried says he has no idea who accessed FTX systems without permission during its fall.
• Bankman-Fried was interrogated about the whereabouts $515 million that the Times reported as missing.
• He acknowledged there was “unauthorized entry”, but said that he did not know who was responsible.

Sam Bankman-Fried claimed that he does not know who made $515 million from FTX’s cryptocurrency wallets during an investigation. InterviewWednesday evening at the New York Times DealBook Summit

The founder of FTX was questioned about a Times Report from November 12 – the day after the company filed for Chapter 11 bankruptcy – where researchers found suspicious transfers they suggested were hacked or stolen.

John J. Ray III was appointed CEO to oversee the company’s bankruptcy. Confirmed“Unauthorized access has occurred to certain assets.”

Andrew Ross Sorkin was the host of DealBook Summit. He asked: “There have also been accusations that it is the assistance of theft. Where did all that money go?

Bankman-Fried said that he was locked out of company systems at the time and did not have a complete picture of what was happening inside. However, he promised to answer Sorkin’s questions “to the extent I know it.”

He explained that some assets had been removed by regulators, employees, and that there was also an unauthorized access. But he didn’t know by whom.

Just days before FTX filed bankruptcy, the Bahamas  the company’s business license and took control of its assets by transferring them into a government-owned crypto wallet. 

After receiving an estimate of $500,000 in debt, the company went bankrupt. $6 billion in withdrawalsOver 72 hours. After a rival, things got worse Binance decided to not bail out FTXCustomers ran to withdraw their funds in a rush, which resulted in the value of the fund falling by 94% in a matter of hours.

Bankman-Fried stated that the Bahamas Securities Commission was “to my knowledge” taking steps to protect customers and clients there.

Ryan Pinder, the country’s attorney general. These actions were defended on Sunday.While praising the Bahamas for its “fast and decisive” actions, he also criticised bankruptcy lawyers.

Bankman-Fried stated that some FTX.US employees also took similar actions to “seize some assets and place it in custody of the exchange.”

Two weeks after the first report of the $515 million suspicious transfer, Bankman-Fried now says that he has no idea who is behind it.

He said that there was also a “very improper access to assets on the exchange” in addition to the FTX.US and Bahamas transfers.

“I don’t have the details. I don’t have the resources or time to find out exactly what happened. I also don’t know the identity of the third party.”

Bankman-Fried said at the DealBook Summit that he doesn’t believe he’s a DealBook Summit participant. Criminally liable for FTX’s ImplosionHe was not allowed to speak publically by his lawyers. 

He also denied it. Staff were reported to be using recreational drugs.It was, as in “Totally on-label medication use”