Sam Bankman-Fried is now allegedly one of the biggest frauds in US history. He has swindled millions of users and misused billions of user funds. But he still has the guts to play video games while giving interviews. And his testimony was also called out to be utterly disrespectful in court because it said, “I fuc*ed up.” However, after all this, SBF wants us to believe that his biggest mistake was reducing working hours from 18 to 13 every day.
SBF tried to paint a rosy picture of himself again
FTX founder wants users and congressmen to believe that the exchange fell apart because he reduced his working hours. As if anyone would believe that working 18 hours daily is plausible. His testimony said that cutting down the working hours by 30% was a big mistake. He also wrote months before the exchange’s fall; he started becoming less grounded in the operational details.
In his testimony, he again tried to build the image of a saint who was a billionaire but never did anything for fun, never owned anything, and worked all day. He said, “I had prided myself on staying grounded: staying in the weeds, day to day, of the company.”
SBF also claimed that apart from reducing his working hours, he was also much less disciplined than he used to be during work hours. Most of his focus went from operations to expansion and regulatory compliance, which is his reason for where things went wrong.
Lack of risk managment
SBF did say one true thing—his focus should have been on risk management which could have saved the platform. Sam also stopped improving the core product, which was the platform services. Rather, in 2022 he was going around making meaningless acquisitions worth about $5 billion, which might not have been worth even half that amount. Plus, Alameda Research used FTX’s user funds to engage in margin trading, which was the end of all for the platform.
The worst part of the testimony is that SBF wants us to believe that his biggest mistake was reducing working hours. He also didn’t focus on how user funds were mishandled and misused.
What are your thoughts on the testimony by Sam Bankman-Fried? And do you think it answers any of the important questions? Let us know in the comments below. And if you found our content informative, share it with your family and friends.
Also Read: SBF posts for bail in the Bahamas again after getting denied the 1st time.
