A video and live blog of Sam Bankman-Fried being interviewed by Andrew Ross Sorkin at the New York Times' DealBook Summit, covering FTX, Alameda, and more

FTX, the crypto exchange Mr. Bankman-Fried founded, declared bankruptcy this month in a failure that wiped out billions of investor dollars.

New York Times 2022-12-02

Discussion

@billackman Bill Ackman on x
Call me crazy, but I think @sbf is telling the truth.
@priapusiq @priapusiq on x
⚠️ Full SBF Interview. “I expect I'm gonna have nothing at the end of this.” Sam Bankman-Fried sits down with @GStephanopoulos for a one-on-one interview following both companies in his cryptocurrency empire filing for bankruptcy last month. https://twitter.com/...
@gma @gma on x
TOMORROW: Collapse of a crypto empire — @GStephanopoulos sits down with former FTX CEO Sam Bankman-Fried to talk about what went wrong at the company in a one-on-one interview on @GMA. https://twitter.com/...
@the_real_fly @the_real_fly on x
LET'S GIVE A ROUND OF APPLAUSE TO SAM BANKMAN-FRIED https://twitter.com/...
@oliverdarcy Oliver Darcy on x
Some news: @GStephanopoulos flew to the Bahamas and interviewed @SBF_FTX earlier this week for a lengthy no-holds-barred interview set to air Thursday morning on @GMA.
@squawkcnbc @squawkcnbc on x
“It was delusional. Let's be really clear. Sam was delusional about what happened and his culpability in it,” says @novogratz. “He needs to be prosecuted. He will spend time in jail. And it wasn't just Sam. You don't pull this off with one person.” https://twitter.com/...
@gma @gma on x
Embattled cryptocurrency leader Sam Bankman-Fried sits down 1:1 with George Stephanopoulos. What happened to the billions people invested with FTX? The new interview breaks tomorrow morning on ABC's Good Morning America. https://twitter.com/...
@timccopeland Cope on x
SBF finally gives a concise summary of what went wrong https://twitter.com/...
@eleanorterrett Eleanor Terrett on x
Wow @SBF_FTX tells @GMA that he wasn't even trying to manage risk at @FTX_Official. “I wasn't spending any time or effort trying to manage risk at FTX. I got a little cocky, I made more than a little bit...and I think part of me felt like we'd made it.”
@mikeisaac Rat King on x
waiting for a white shoe, besuited Skadden Arps dude to Kool-aid man from offscreen and pull the plug on his microphone https://www.nytimes.com/...
@twobitidiot Ryan Selkis on x
🤡🌎 https://twitter.com/...
@reckless Nilay Patel on x
I can't even begin to explain the vibes of this SBF interview at DealBook https://twitter.com/...
@kevinolearytv @kevinolearytv on x
I lost millions as an investor in @FTX and got sandblasted as a paid spokesperson for the firm but after listening to that interview I'm in the @billAckman camp about the kid! https://twitter.com/...
@dystopiabreaker @dystopiabreaker on x
i actually agree with this. i was impressed by the depth of Sorkin's interviewing, asking tough questions, etc. yes, a CT denizen could have outperformed on follow up questions etc, but it was definitely not a softball and seems like SBF did a lot of self-incrimination https://tw…
@du09btc @du09btc on x
Imagine receiving a round of applause for creating a 10 billion dollar ponzi. 😲 The world has lost touch with reality. #SBF #FTT #FTX https://twitter.com/...
@buccocapital @buccocapital on x
SBF repeatedly talking about trying to help customers who have been hurt https://twitter.com/...
@timccopeland Cope on x
trabucco not out of the woods https://twitter.com/...
@autismcapital @autismcapital on x
Andrew asks Sam why Caroline was telling employees that FTX used user funds. Sam says “What it seems happened is in the middle of the year all the borrow/lending desks blew up.” Dodged the question. He reframed it as an accounting mistake. https://twitter.com/...
@brianstelter Brian Stelter on x
>> @AndrewRSorkin asks “What are your lawyers telling you right now? Are they suggesting this is a good idea, for you to be speaking?” SBF said “they are very much not,” and explained why he's talking anyway. (Shout out to @Snapstream for the ability to live-clip this!) https://t…
@fintechfrank Frank Chaparro on x
I have asked Sam for an interview. I think a crypto native interviewer would be the most impactful, add the most clarity for clients. He hasn't responded yet https://twitter.com/...
@greg_price11 Greg Price on x
Andrew Ross Sorkin reads a letter to SBF: Sorkin: “Can you please ask SBF why he decided to steal my life savings?” SBF: “Yeah. Um, I mean, I'm deeply sorry about what happened.” https://twitter.com/...
@0x_tracy Tracy Wang on x
one thing every journalist must know about sam is that he doesn't value ‘truth’ as a value in itself. He'll lie. media was always a means to an end, a way to lever up on impact. If you *really* want to know what sam thinks, you have to catch him off guard
@tomselliott Tom Elliott on x
.@SBF_FTX: “Look, I really deeply wish that I had taken, like, a lot more responsibility for understanding what the details were of what was going” at FTX https://twitter.com/...
@thomaschattwill Thomas Chatterton Williams on x
What I'm saying is that we've got absolutely no sense of moral proportion, or we only have a very limited set of moral lenses now. This SBF interview, the fact he was welcomed to lie and try to soften his image, and the audience's warm reception—it's truly repugnant.
@lilmoonlambo @lilmoonlambo on x
“Why did you steal users funds from FTX?” SBF: https://twitter.com/...
@iamdcinvestor @iamdcinvestor on x
the upside of the media tour is SBF incriminates himself further with every interview, and it is raising the profile of his entire criminal enterprise, which makes it much less likely that authorities could somehow ignore what has transpired here also, a movie is now guaranteed
@mkhammer Mary Katharine Ham on x
This says “supervillain,” but he's not being treated like a supervillain. Media is more hostile to Musk for spending his own money than to SBF for losing a couple billion in people's life savings. The tone is pretty astonishing. https://twitter.com/...
@digitalassetbuy @digitalassetbuy on x
SBF will be the end of these liars. They are overstepping BIG TIME. The people have had enough.
@coldbloodshill @coldbloodshill on x
Full interview. Watch the absolute squirming at 1:37 and 3:55 when pressed on stealing customer deposits. Shook. https://twitter.com/...
@anthony Anthony DeRosa on x
“I think that there's even something deeper wrong there. I wasn't even trying. I wasn't spending any time or effort trying to manage risk on FTX” - SBF The last minute + half of this interview is the most revealing https://twitter.com/...
@coloradotravis @coloradotravis on x
Wow. Good Morning America actually pulls off a half decent interview, and appropriately edited. Unlike *all* the other coverage, this is actually worth a watch. A couple interesting takeaways. 1/3 https://twitter.com/...
@fiskantes @fiskantes on x
“I just didn't pay enough attention to amount of leverage in the system” https://twitter.com/...
@jenwieczner Jen Wieczner on x
I, too, interviewed SBF recently: https://twitter.com/...
@alanmcole Alan Cole on x
At this point I think he was both (a) not smart enough to be running a financial institution AND (b) aware of at least some of his misdeeds. Not “evil genius” and not “well-meaning idiot in over his head.” It's a middle with some evil, some idiocy. https://twitter.com/...
@bowtiedbull @bowtiedbull on x
The audience literally laughs when he says “I had a bad month” We've seen enough. The USA has officially turned to a point where being a scammer/criminal is a real “business” Had this inkling after other scammers got glorified. Now? 100% sure if it. https://twitter.com/...
@ivanthek @ivanthek on x
It appears to me that the pre-recorded @GStephanopoulos interview with SBF probably took place before the @andrewrsorkin interview. He seemed stumped by some of the Qs on use of customer funds vs the FTX terms of service. It was prep for similar Qs in the ARS interview.
@dsquareddigest Dan Davies on x
This is where it went wrong *for him*. Where it went wrong for the clients was when their funds were transferred to a non-segregated account at an unrelated trading company that was 80% owned by SBF. https://twitter.com/...
@altcoinpsycho @altcoinpsycho on x
my god this SBF interview is horrid delusion at levels I have't seen since bitcoin cash days
@bantg @bantg on x
sbf nyt interview tl;dr > man steals 10 billion dollars > the crowd lols
@reckless Nilay Patel on x
It is pin-drop silent and tense in the room but SBF clearly cannot perceive that across the Zoom link, so he's just sort of chatting with @andrewrsorkin like it's any other Zoom call
@davidmarcus @davidmarcus on x
I watched that SBF @andrewrsorkin interview, and I have to say that I still can't believe what I just witnessed. I'm actually speechless at the level of reality distortion field at play here. Also... audience applauding at the end? WTF!
@coffeebreak_yt @coffeebreak_yt on x
Sam is putting on a bullshit Masterclass on the New York Times interview. Thread.👇
@bigcryptoalert @bigcryptoalert on x
👥 @SBF_FTX (CEO of @FTX_Official) is now following @andrewrsorkin
@sbf_ftx @sbf_ftx on x
@BillAckman @SBF I deeply appreciate that. I messed up. I'm going to do everything I can to make it right—even though I knew it might never be enough.
@smartcontracter @smartcontracter on x
sbf has been groomed so well for this interview in order to make us feel sorry for him, hasn't worked tho, he's still a soyboy cuck in all our eyes.
@asvanevik @asvanevik on x
People defending SBF have a vested interest in doing so. Incentives rule the world.
@denelledixon Denelle Dixon on x
This SBF “chat” ... infuriating on a lot of levels but importantly bolsters the point that NONE of this is about blockchain or crypto (has he even said the word blockchain?) It was ALL about mismanagement, ignorance and hubris and not just on SBF's behalf.
@stockjabber Edwin Dorsey on x
Have Bill Ackman and SBF ever been seen in the same room together? https://twitter.com/...
@twobitidiot @twobitidiot on x
The idea that SBF just woke up one day and suddenly realized “oh no these accounting entries aren't right” is so laughably stupid. And the media is letting him gaslight FTX's victims. Many people on the policy side watched him grow increasingly erratic & Machiavellian on DCCPA.
@fxhedgers @fxhedgers on x
SBF doesn't realize he's going to prison for 100 years
@rager @rager on x
Personally don't have any desire to watch SBF and his excuses Any normal person in his situation would have been in police custody by now
@cgasparino Charles Gasparino on x
.@SBF_FTX said “we really screwed up on risk” management. Does that translate into “we thought it was OK to use customer funds for trades”?
@conorsen Conor Sen on x
The people who didn't think SBF should be allowed to do this are the ones tweeting the play-by-play.
@carnage4life @carnage4life on x
SBF's entire defense strategy seems to be to gaslight everyone into agreeing it's not a crime if he admits he made an “oopsie”
@popehat @popehat on x
SBF has settled on a strategy of self-incrimination filibuster: if he never stops confessing they'll never get around to charging him. It's the sort of strategy that appeals to techbros.
@coffeebreak_yt @coffeebreak_yt on x
Sam claims he was not involved in ALAMEDA Research and was “unaware” of the co-mingling of funds. In actual fact, for years you had to WIRE ALAMEDA Research money to even get money on FTX. Funds were ALWAYS co-mingled. https://twitter.com/...
@stephen_geiger Stephen Geiger on x
SBF just admitted multiple times he knew it was over on Nov 6th and 7th. Again, this is from November 10th... “FTX US USERS ARE FINE!” https://twitter.com/...
@autismcapital @autismcapital on x
“Most of Alameda staff did not live in my penthouse. I do not live there now. I have not lived there currently. (he stumbles on his words here).” He immediately begins talking about miscalculations. Everything is “an oversight.” He is not answering any of the questions directly. …
@chancery_daily @chancery_daily on x
just go ahead and enter it into evidence tbh https://twitter.com/...
@skesslr Sam Kessler on x
SBF seems to implicitly put blame on @carolinecapital: “I wasn't running Alameda, I didn't know exactly what was going on, I didn't know exactly the size of their position.” “I was nervous because of the conflict of interest about being too involved”
@jagoecapital @jagoecapital on x
@cburniske @solana Problem is: A LOT of Solana core infrastructure has been (and continues to be) developed by FTX/Alameda employees Anatoly's favorite builders are all people that are embroiled in massive scams or controversy The connections between FTX/Solana should not be disr…
@realwillybot @realwillybot on x
SBF will probably offer everyone a haircut on their FTX balance, by printing some coin from thin air (like what BitFinex did during their 2016 “hack") and wash trade it up in value
@nikhileshde Nikhilesh De on x
.@andrewrsorkin: “There are people who don't believe that this conversation should happen. And I just want to say that I think our job as journalists is to have those conversations, to ask those questions and seek those answers on behalf of the public.” #DealBookSummit
@ksidiii Kris Sidial on x
I'm a bit confused why people have this view on SBF as the really smart kid that screwed up. He is almost 31, which means he's a grown man. This isn't a 23 year old fresh grad making a trading error on the desk. The narrative around this story shouldn't really be that. https://tw…
@juddlegum Judd Legum on x
What is SBF doing to help FTX customers? He's no longer even part of FTX. Going on a media tour does not help FTX customers. https://twitter.com/...
@smtuffy Sean Tuffy on x
@BillAckman ... Brother, you passed crazy a little while ago. You're now pulling into insane town
@kenvogel Kenneth P. Vogel on x
.@andrewrsorkin got a lot of heat for going ahead with his live interview of @SBF_FTX, but so far it is a very tough interview. SBF concedes “I made a lot of mistakes,” but when pressed on Alameda Research loans, says “I didn't knowingly co-mingle funds.” https://www.nytimes.com/…
@coffeebreak_yt @coffeebreak_yt on x
SBF addresses a $1.2 bn loan with Genesis. He says it's Alameda's role and that he doesn't know alot. Then proceeds to literally give a play-by-play on what happened. 😂 LMAO. This guy isn't just a criminal. He's a CLOWN. 🤡
@nikhileshde Nikhilesh De on x
@andrewrsorkin @SBF_FTX “There had been a lot of strong interest in financing,” @SBF_FTX says. He's said this before too, but hasn't named any of the interested parties (@andrewrsorkin, if you see this that's one open question) #DealBookSummit
@billym2k Shibetoshi Nakamoto on x
everything related to SBF makes me feel crazy if you've been following the story and the coverage, this is all the literal textbook definition of gaslighting
@zackvoell Zack Voell on x
SBF again says the FTX bitcoin node was “overloaded,” and I have absolutely no idea what that even means. https://twitter.com/...
@smtuffy Sean Tuffy on x
Also, this promo clip is insane. Starts with asking SBF how it feels to lose $20 billion (which he definitely never actually had) as if it was just bad luck. Then follows with “How did he become a crypto villain?” BY DOING ALL THE CRIME YOU MELTS
@epsilontheory Ben Hunt on x
All sociopaths think they are telling the truth. https://twitter.com/...
@tomselliott Tom Elliott on x
.@SBF_FTX: My DMs about “effective altruism” being “this dumb game we woke westerners play” wasn't meant to be made public; I do care about “pandemic prevention and what could be done on a large scale to help mitigate those those things I think matter” https://twitter.com/...
@tomselliott Tom Elliott on x
.@SBF_FTX: “I don't personally think that I have [criminal liability] ... I think the real answer is, that's not what I'm focusing on ... I mean, look. I've had a bad month” https://twitter.com/...
@vivekgramaswamy Vivek Ramaswamy on x
SBF used client funds to advance his own personal agendas without asking clients for permission to do so. That's theft. Large U.S. financial institutions use client funds to vote for their own personal social agendas without asking clients for permission to do so. That's ESG.
@gunjanjs Gunjan Banerji on x
SBF's arm is visibly shaking
@timccopeland Cope on x
There's a lot to dissect here https://twitter.com/...
@zhusu Zhu Su on x
1) ftx and Alameda have been commingled since inception 2) SBF doxxed himself as insolvent since July, the reason the mkt knew was bc of his frantic actions a) fake bailout of lenders b) pissing off eq investors by raising downround c) asking for money in first mtg abroad https:/…
@unusual_whales @unusual_whales on x
@BillAckman @SBF Will you also delete this tweet Bill? https://twitter.com/...
@dylanleclair_ Dylan LeClair on x
Max clown world. They're applauding him. https://twitter.com/...
@unusual_whales @unusual_whales on x
Question: How much money do you have left? SBF: To my knowledge, close to nothing. I have no hidden funds somewhere. Have one working credit card left.
@johnedeaton1 John E Deaton on x
I'm sorry, but ⁦@andrewrsorkin⁩ bringing up a topic and saying “can you speak to that” is not questioning the man. It's giving him a forum to say what he wants to say and frame his lies to a narrative. https://www.nytimes.com/...
@marionawfal Mario Nawfal on x
- SBF claims he made mistakes and never tried to commit fraud - The collapse shocked me. There are things I could have done differently - FTX US was and is fully solvent
@herbgreenberg Herb Greenberg on x
That SBF would even do this interview shows how delusional and tone deaf he is... and much how he has talked himself into thinking he did nothing wrong, and if he doesn't hide it'll all work itself out. I can't believe a crisis PR person or his lawyers encouraged him to do this.
@coffeebreak_yt @coffeebreak_yt on x
SBF claims FTX_US is 100% solvent. Says he doesn't know why they aren't processing withdrawals. Ummmm.... didn't SAM put them into Ch.11 BANKRUPTCY!?
@kevinroose Kevin Roose on x
This @andrewrsorkin SBF interview is a total master class in holding someone's feet to the fire. https://t.co/Kl5C7AlLVO
@rampcapitalllc @rampcapitalllc on x
Take a shot every time SBF says “I'm sorry”
@chuckrossdc Chuck Ross on x
SBF's PR effort succeeds if he can get news outlets to focus on the spectacle instead of the fraud. It's working perfectly for him so far
@coffeebreak_yt @coffeebreak_yt on x
“There was no one in charge of positional risk at FTX.” “conflicts of interest” “embarrassing” “we lost track of the business/product” “I bear responsibility for that” At this point SBF is begging people to believe he's stupid and incompetent. It's not true.
@fatmanterra FatMan on x
We all owe DealBook and @andrewrsorkin an apology This interview is fantastic so far - and is the best MSM coverage of the FTX situation thus far I wouldn't be surprised if prosecutors use this interview to land SBF a few extra years in jail
@antoniogm @antoniogm on x
For reference, the NYT class clapping like lobotomized seals: https://twitter.com/...
@skesslr Sam Kessler on x
@carolinecapital SBF shouts out @CoinDesk's Alameda Balance sheet leak as the moment he got “nervous” about Alameda, but not FTX. By late November 6, he says he knew FTX was also facing an emergency.
@smtuffy Sean Tuffy on x
After the last six years you think the media would understand the problem with giving people a platform to tell unchecked lies but here we are https://twitter.com/...
@digitalassetbuy @digitalassetbuy on x
This SBF interview thing makes no sense with two attorney parents. Only against the backdrop of some presidential pardon guarantee to his connected parents would this make any sense.
@coffeebreak_yt @coffeebreak_yt on x
SBF is asked “have you been truthful with us today”. responds basically yes. “is it fair to say you've lied over time”. Sam is nervous: spends 2 min saying basically no. absolute psychopath.
@autismcapital @autismcapital on x
We think @andrewrsorkin and @dealbook did a fantastic job. They asked the direct pointed questions and they were appropriately critical. Excellent job.
@neontaster Noam Blum on x
SBF just lying saying his primary panic was about getting customers their money back. I fucking hate this guy.
@lydiadepillis Lydia DePillis on x
Watching this @SBF_FTX interview @dealbook, and there's a lot of disingenuousness. For example, pretending his political giving wasn't self interested. “FTX didn't have an application before Congress.” His lobbying was all about choosing his regulator! https://twitter.com/...
@filanlaw @filanlaw on x
Hey @JohnEDeaton1, when was the last time you cross-examined someone and the first thing they said after your question was “well, yeah, thanks for having me?” https://twitter.com/...
@marionawfal Mario Nawfal on x
🚨SBF speaking live at the NYT DealBook summit. Summarizing key points live 👇 Interesting to see how this interview turns out...
@bigblackjacobin Edward Ongweso Jr on x
One thing that is funny to watch is how quickly SBF has pivoted from genius crypto billionaire white knight to a character you might see in I Think You Should Leave https://www.vice.com/...
@wallstreetsilv Wall Street Silver on x
SBF keeps trying to claim that FTX had more assets than liabilities, “so it was all fine”. But his “assets” were his flimsy self created tokens, FTT and Serum mostly. The actual customer assets were mostly gone into loans to himself and others. FTT and Serum were not liquid.
@mikeburgersburg @mikeburgersburg on x
Only one question for SBF matters- Where did he get tens of billions of dollars to buy #Tether?
@jameswester James Wester on x
“the kid” He's 30. This is not a series of oopsies committed by someone running a lemonade stand. Whether incompetence, grift, or fraud, this is not a matter to be turned into a Very Special Episode of “Silver Spoons,” where Sam learns a Very Valuable Lesson. https://twitter.com/…
@skesslr Sam Kessler on x
@carolinecapital @andrewrsorkin SBF on what money he has left: “uh... next to nothing”
@bitboy_crypto Ben Armstrong on x
It's actually pretty sad to watch @SBF_FTX. The people behind this scam are Joe, Barb, & Dan Friedberg Sam has blame. PLENTY. But over time, you are going to find out just how evil Sam's parents are. They are literally allowing their son to incriminate himself for their benefit
@neontaster Noam Blum on x
Props to the audience members who didn't applaud SBF. That was both an amazing and an infuriating interview. Hopefully he said lots of stuff that'll bury him.
@nmasc_ Natasha on x
Key phrases used by SBF in this interview: - stupidly forgot - didn't knowingly - i was frankly surprised - just to my knowledge - i don't know exactly what's going on
@coffeebreak_yt @coffeebreak_yt on x
Sorkin is now going with the negligence angle. “[when you read the story of FTX] it sounds like a bunch of kids on adderal having a sleepover.” No— this isn't a story of negligence or stupidity. It's a story of fraud.
@hodgetwins @hodgetwins on x
Are they seriously going to try and let this dude slide? Just have him apologize and everything is ok? He stole millions of dollars from average Americans, their life savings. 🤯 https://twitter.com/...
@lilmoonlambo @lilmoonlambo on x
“Did you or did you not snort MDMA off Caroline's ass?” SBF: https://twitter.com/...
@kateclarktweets Kate Clark on x
A clearly very nervous SBF just spilled his La Croix on his shirt.
@ben_kew @ben_kew on x
Q: “Can you please ask SBF why he decided to steal my life savings?” SBF: “Yeah. Um, I mean, I'm deeply sorry about what happened.” When you lose your life savings (in this case $2 million) I think it is fair to say an apology simply doesn't cut it. https://twitter.com/...
@wholemarsblog @wholemarsblog on x
“The important thing is the customers i scammed, not me” — SBF
@swiftonsecurity @swiftonsecurity on x
Does this SBF guy not have a lawyer
@adamscochran Adam Cochran on x
Caroline knew they were stealing. Told people they were stealing and still SBF denies it. His lying is pathological as he plays the victim card. https://twitter.com/...
@mdudas Mike Dudas on x
the ny times made the right decision in proceeding with the sbf interview i didn't believe it at the time, but i think it served the public interest it is clear sbf is a sociopathic liar anyone who interacted with him prior to the past month knows this act is total bullshit
@tomselliott Tom Elliott on x
.@SBF_FTX: “I didn't knowingly commingle funds” https://twitter.com/...
@blockworks_ @blockworks_ on x
Sorkin: “Do you agree that you lied?” SBF: “There were times when I was a... marketer for FTX... how can I, in a way that is truthful, paint FTX as compelling and exciting... I wasn't talking about the risks... I wish I had spent more time on the downsides.”
@adamscochran Adam Cochran on x
How long before Bill deletes this moronic take just like the last few pro-SBF tweets he gave out? The god damn audience is laughing at his answers with no exposure to crypto, investing or law, any layman can figure out that this was fraud. https://twitter.com/...
@johnedeaton1 John E Deaton on x
@SBF_FTX ... Maybe you should appreciate that you've ruined lives b/c you don't. You wouldn't make stupid comments like you've had a bad month when people lost their life's savings b/c you STOLE their💰to feed your ponzi hedge fund. You may fool an out of touch billionaire but not…
Vox Whizy Kim on x
The mesmerizing spectacle of a Sam Bankman-Fried interview
@watcherguru @watcherguru on x
JUST IN: Sam Bankman-Fried says FTX US is “fully solvent” and “withdrawals could be opened up today.” https://twitter.com/...
@asvanevik Alex Svanevik on x
Imagine a journalist's grandmother lost her savings due to bank CEO stealing $10B of customer deposits. Would they have been writing portraits and “are you getting any sleep” interviews with CEO? https://twitter.com/...
@cmsintern @cmsintern on x
Intern notes from SBF's interview @dealbook Summit on: - Alameda commingling funds 💰🤝 - SBF's political donations 👨‍⚖️ - FTX houses & drugs 🏖️💊 And frankly too much more @andrewrsorkin <> @SBF_FTX https://twitter.com/...
@autismcapital @autismcapital on x
“I was nervous starting November 2nd when the Alameda balance sheet was leaked on Coindesk. I was nervous that would lead to substantial losses for Alameda. I did not think it would lead to a massive loss for FTX's customers. I was viewing it as Alameda would be tight on funds.” …
@autismcapital @autismcapital on x
Andrew says “It sounds like this is a bunch of smart kids on Adderall having a sleepover party.” Sam says “Look, I messed up.” https://twitter.com/...
@neerajka Neeraj K. Agrawal on x
basically the nyt interview was actually pretty good and asked tough questions so now people are focusing on the reflexive response to clap at the end of a live event to continue their “media is secretly helping sam” outrage
@ben_mckenzie Ben McKenzie on x
ALAMEDA, TETHER, and the dirty little secret everyone in crypto knows 🧵 https://twitter.com/...
@anilsaidso Anil on x
12 months ago: https://twitter.com/...
@politicalmath PoliMath on x
The entire reason SBF said he donated untraceable dark money to Republicans is b/c he knows that saying this will make Republican's want to go easier on him How do people fall for this? Are we all idiots? https://twitter.com/...
@austen Austen Allred on x
I admit I'm a little bit shocked at how many people are totally fine letting someone “aw shucks, my bad” their way through stealing $8 Billion of their customers' money
@dsquareddigest Dan Davies on x
😡 When you tell people their money is segregated and it's not, when you use one company's bank account and represent it as another, that's fraud! That's the fraud, that bit there! The bit you tried to do! What he means is he never intended to get caught. https://www.ft.com/...
@jesse_livermore Jesse Livermore on x
It should be illegal to buy fake money with someone else's real money.
@jchervinsky Jake Chervinsky on x
“I wasn't running Alameda. I didn't know exactly what was going on. I didn't know the size of their position.” If you're @carolinecapital or @alamedatrabucco right now, I assume you're watching this and thinking very hard about your options. DOJ is only a phone call away.
@unusual_whales @unusual_whales on x
Sorkin: “Can you please ask SBF why he decided to steal my life savings, and $10 billion dollars more from customers to give to his customers, Alameda. ” SBF: “Yeah. Um, I mean, I'm deeply sorry about what happened.” https://twitter.com/...
@ercwl @ercwl on x
It is very clear that Sam is trying to add together the “mislabeled fiat account” and “improper risk policies on FTX wrt Alameda” into negligence rather than theft, this is of course a strategy that he has devised with the help of lawyers (and perhaps his parents?).
@ercwl @ercwl on x
So is allowing Alameda to collateralize half the entire margin exchange trading side with FTT and SRM. So is printing SRM onchain out of thin air to prop up their balance sheet (this is one I've focused on the most because it so clearly demonstrates malicious intent). https://twi…
@dystopiabreaker @dystopiabreaker on x
it really is not complicated. the ftx tos and implicit social contract said “you deposit or buy tokens, we hold them 1:1”. instead, SBF and his accessories stole the tokens and traded with them. they lost on the trades.
@punk6529 @punk6529 on x
1/ On SBF & FTX I think this is not going to be a hugely long thread (I think). It is not going to be hugely insightful for anyone deep in crypto. But maybe it will help as a reference to our friends in the media who are struggling quite a bit with this topic
@venturecoinist Luke Martin on x
If you missed the SBF interview, don't worry. He has proven that he's willing to lie about the fraud he committed so you can't trust anything he says. Perfect example: Nov 7th deleted tweet claiming “FTX has enough to cover all client holdings. We don't invest client assets.” htt…
@ugarles @ugarles on x
SBF stands for “smol bean fren” so how could you possibly expect him to manage such large sums without comingling?
@tree_of_alpha @tree_of_alpha on x
SAM BANKMAN-FRIED SAYS I WAS NOT RUNNING ALAMEDA, I DIDN'T KNOW THE SIZE OF THEIR POSITION You shit no one is buying this
@paikcapital @paikcapital on x
This guy really pretending like he doesn't know what's happening with Alameda lol “Is that correct, it was Alameda right?” - Sam
@zerohedge @zerohedge on x
SBF “I wasn't trying to commingle funds” it just happened
@tree_of_alpha @tree_of_alpha on x
Me: “I didn't run Alameda, I didn't know the size of their position” Also me: https://twitter.com/...
@sullycnbc Brian Sullivan on x
Need to know which people at the firm had the authority to: 1) shift the assets from FTX to Alameda and, 2) who could've apparently misrepresented Alameda's positions (the “discrepancy” he keeps referring to) https://twitter.com/...
@monasalama_ Mona Salama on x
SBF: “You have the margin trading, you have customers borrowing from each other. Alameda was 1 of those. I was frankly surprised by how big Alameda position was which points to another failure of oversight on my part & failure to appoint someone to be chiefly in charge of that”
@charlieshrem Charlie Shrem on x
Call me crazy, but I think stealing $10B of customer funds is fraud.
@karenfinerman Karen Finerman on x
Wow @andrewrsorkin that was mesmerizing. I do believe @SBF_FTX feels bad, I do believe he was shocked at how quickly it unraveled but I can't possibly believe he couldn't appreciate how closely Alameda and FTX were intertwined and how he's not clear on whether he took customers $
@grdecter @grdecter on x
Sam emphasizes that he had little to do with Alameda and keeps referring to the fund as “them” instead of “we” (classic distancing language) He says that he made a mistake with oversight, but doesn't know what happened besides that.
@coffeebreak_yt @coffeebreak_yt on x
Sorkin calls out the charity angle. Asks if this was part of Sam's ‘scheme’ to create regulation to self-certify what was going on at FTX/Alameda. Huge question. Sam is nervous again.
@mattgoldstein26 Matthew Goldstein on x
Sam basically saying he wasn't in charge of Alameda and wasn't aware how bad the problems were there even though he was the master of the FTX eco system
@mayazi @mayazi on x
There's a chasm between how the media is covering FTX & how crypto Twitter is complaining. I think it goes to the long game arch of how crypto is perceived & the establishment backlash. First, it seems clear that the SBF narrative is about how the Luna crash led them to commingle
@jbarro Josh Barro on x
I realize trying to make this make sense is pointless, but even if SBF had his hands completely off from Alameda (lol yeah right) shouldn't he have noticed its humongously gigantic “margin position” at FTX in his capacity running FTX?
@skesslr Sam Kessler on x
@carolinecapital ARS: What did you tell your law professor parents? SBF: “I called them up and said hey guys, I think there might be a problem. Looks like Alameda's position might be imploding here... I'll tell you more when I know more.”
@ericbalchunas Eric Balchunas on x
Watching intv with SBF and he's basically blaming it all on Alameda and ignorance/lack of attention on his part. Sorkin's questions are satisfyingly tough, I have to admit, very sober scene, a long way from laser eyes.
@fame21moore @fame21moore on x
100s of billions of dollars embezzled and millions of customer defrauded. “My bad” -Sam bankman Fried Cnbc let's give this man around of applause!
@zhusu Zhu Su on x
The entire reason Darius, TT, Mark, and I spent a month fudding Alameda (pre FTX days) was bc they needed to raise for FTT to plug their balance sheet hole, and also bc they intended to be the main MM on their own exchange with full access to client funds and order flow https://t…
@the_real_fly @the_real_fly on x
Sam Bankman-Fried, who at one point was worth $26 billion, says he now has “close to nothing” Can someone give this kid another start up?
@grdecter @grdecter on x
Here's what we learned from Sam Bankman-Fried's live interview: -Money was always comingled between FTX and Alameda -Sam has no idea what happened with the money or why Anyone believe him?
@ben_mckenzie Ben McKenzie on x
If you believe that Sam and his pals lived together, slept together, and ran FTX and Alameda out of offices next to each other, and yet Sam never knew about commingling funds I have a fake currency to sell you oh wait
@netcapgirl Sophie on x
SBF has already said the word ‘oversight’ a million times, he seems to be trying to play this all off as like he was dumb & didn't know what was going on wrt alameda. he keeps dancing around questions & hasn't answered anything straight up but sorkin isn't pressing him that hard
@bennetttomlin @bennetttomlin on x
“Some of them were wiring to Alameda Research to get credited on FTX” yeah no shit
@cryptonator1337 @cryptonator1337 on x
“I did not knowingly commingle funds.” - SBF STFU!
@jchervinsky Jake Chervinsky on x
At least when Madoff was finally caught, he had the shred of decency required to admit he was a fraud. The press play is entertaining for a few minutes here, I'll grant you that, but when all is said and done, it won't change a thing. Just more content for the indictment.
@balajis Balaji on x
They want you fired for a tweet, while they clap for a fraud. https://twitter.com/...
@trungtphan Trung Phan on x
Thoughts: — SBF says he didn't knowingly commit fraud or mis-use funds — Throwing Caroline/Alameda under bus — Andrew asked straight Qs which SBF sidesteps or blames lack of oversight Not sure why SBF did this (+ still thjnk NYT shouldn't host him). This part happened, though. ht…
@epsilontheory Ben Hunt on x
Everyone who ever pitched a BlockFi deck ... Everyone who ever sat on the BlockFi board ... Everyone who knew BlockFi sent >$1b to an offshore HF and broker-dealer for little or no collateral ... should be getting a phone call from an AUSA in the NY Southern District about now.
@cgasparino Charles Gasparino on x
BREAKING: @SBF_FTX defense comes down to this in his interview w @andrewrsorkin — “I didn't KNOWINGLY commingle funds.” (emphasis mine) Again, he's portraying it as an innocent screw-up to negate the intent needed to bring a criminal case
@frances_coppola Finance Cassandra on x
“These attempts to frame the fallout obfuscate the core issue: the misuse of customer funds.” Spot on. https://www.coindesk.com/...
@seyitaylor @seyitaylor on x
Every time you read some story about mismanagement at FTX, remember this: “FTX's Collapse Was a Crime, Not an Accident” https://www.coindesk.com/...
@balajis Balaji on x
“August institutions including the New York Times and Wall Street Journal have...repeatedly seemed to downplay the facts in ways that soft-pedaled Bankman-Fried's intent and culpability.” https://twitter.com/...
@carnage4life Dare Obasanjo on x
It's been really odd to see the same NYT that describes almost any decision at Twitter or Facebook as the death of democracy, treat SBF & FTX as a minor oppose as opposed to the major fraud it is. Very strange difference in coverage and tone. https://www.coindesk.com/...
@sbf_ftx @sbf_ftx on x
Expanding on DealBook: When I filed, I'm fairly sure FTX US was solvent, and that all US customers could be made whole. To my knowledge, it still is today. I was expecting that to happen. I'm surprised it hasn't. I'm not sure why US withdrawals were turned off.
@ryaneshea Ryan Shea on x
How do you accidentally eat 3000 shrimp? https://twitter.com/...
@alexisohanian @alexisohanian on x
This is not a sorry about crypto, this is a story about what looks to be fraud & theft. https://twitter.com/...
@adamsinger Adam Singer on x
Holy crap what an interview. If I had $ on any other crypto exchanges, I would be very, very concerned right now https://twitter.com/...
@satoshiflipper Satoshi Flipper on x
1) files a BK for FTX US to get protection/freeze assets & liabilities 2) gets protection/assets frozen 3) wonders why FTX US assets are frozen what lol https://twitter.com/...
@altcoingordon @altcoingordon on x
Thank you for your honesty Sam, I think I speak for everyone when I say this is very helpful and makes us all feel a lot better, you are a good guy. 🙏 https://twitter.com/...
@contrarianp David V. Johnson on x
We must take the long-term view: 1,000 years from now, the descendants of today's FTX customers could be made whole. https://twitter.com/...
@jameslavish James Lavish on x
Then why are you in the Bahamas? Why are you not here in the US, digging in and figuring this out like a CEO who has nothing to hide would? https://twitter.com/...
@zerohedge @zerohedge on x
First he didn't know what “commingling” means, then he didn't know what “fraud” means, now he doesn't know what “file for bankruptcy” means. Simplejack Bankman-Fried https://twitter.com/...
@wallstreetsilv Wall Street Silver on x
He is hoping this happens to minimize risk of going to Federal prison in the USA. He is hoping that his only risk is dealing with the Bahamas in terms of criminal issues, where he can likely buy his way out of it. https://twitter.com/...
@spreekaway @spreekaway on x
Your honor I'm pretty sure all the money actually disappeared AFTER I filed for bankruptcy and stepped down as CEO https://twitter.com/...
@binarybits Timothy B. Lee on x
I found @SBF_FTX's explanation in his interview with @andrewrsorkin more persuasive than I expected. SBF desperately needed some better prep/media training. His explanation was jargony and technical and Sorkin didn't seem to understand what he was saying.
@pkafka Peter Kafka on x
SBF interview cateogories: *Onstage with @andrewrsorkin *Not with @andrewsorkin so has to wait until after @andrewrsorkin interview before publishing/broadcasting. *Not with @andrewsorkin but SBF didn't think it was an interview; it gets published/broadcast anyway. https://twitte…
@silvermanjacob Jacob Silverman on x
Lawyered: “when I filed... fairly sure... To my knowledge” https://t.co/m3FxI8yNaz
@alexhern @alexhern on x
something quite funny about all the crypto people demanding the government investigate SBF. “we don't want you to act to PREVENT financial crime, god no, only to investigate it after it already happens”
@lefterisjp @lefterisjp on x
A man who stole $10B, @SBF_FTX just got interviewed, portrayed almost as a victim and got an applause at the end Still free and fine. Aaron Swartz, who downloaded academic journals to share with the world got $1m in fines and 35 yrs in prison. This lead him to take his own life
@nic__carter Punished Nic on x
Sam isn't behaving like a renegade who is ignoring the advice of his lawyers He's behaving like he has a world class crisis management firm and legal team constructing a very specific and deliberate public narrative
@hblodget Henry Blodget on x
FTX's collapse doesn't mean someone committed a crime. They were a highly leveraged financial institution. Their “assets” plummeted in value while their liabilities stayed the same. Happens all the time. (Incompetent, reckless, and stupid, yes. Not necessarily criminal.) https://…
@nic__carter Punished Nic on x
if it emerges that he's not just doing these interviews out of the goodness of his heart, but instead using journalists as dupes to promote a specific message - that they're mostly unable to actually tackle in real time - they will share in the responsibility
@robbwolf Robb Wolf on x
I'm on the board of directors of several companies, CEO of none of them. But I far better understand the mechanisms of how these businesses work than what SBF is claiming here. And any ceo work a shit knows all of this back and front. There are no surprises. This is BS. https://t…
@banthebbc @banthebbc on x
Sam Bankman Fried says he didn't spend enough time on risk management. Risk management is simple — You hold customers' funds and don't do ANYTHING with them except hold them. When your customers ask for them back you give it to them - immediately. https://twitter.com/...
@mleejr @mleejr on x
2022 SBF: Welcomed with open arms to an interview at NY Times DealBook Summit with a live audience laughing and applauding 2008 Bernie Madoff: https://twitter.com/...
@neontaster Noam Blum on x
Here's the transcript of the SBF interview. He uses the phrase “I don't know” 17 times. He uses the word “sorry” once. https://www.nytimes.com/...
@tomi @tomi on x
If not the CEO, who's to blame for “huge management failures” and “sloppy accounting”? https://twitter.com/...
@byronyork Byron York on x
Sam Bankman-Fried is asked how his parents ended up on the deed of a $16.4 million home in the Bahamas. Who knows? He's not a detail guy... From NYT: https://www.nytimes.com/... https://twitter.com/...
@kashhill @kashhill on x
Has anyone in this much potential legal peril ever been this committed to ‘talking it out’ with journalists? https://www.nytimes.com/...
@benedictevans Benedict Evans on x
I'm not sure that 'we lost $10bn of customer money because we made no effort to keep track of it and we're just a bunch of useless fuckwits' is a great legal position, even if it was true.
@seyitaylor @seyitaylor on x
This is my take too — I don't think he's being wild at all. I think he's doing what he's always done — focused on building a narrative and he's hired a really good public relations/crisis management firm to help him do it. I think it is working but I think he also goes to jail. h…
@sherman4949 Alex Sherman on x
Big picture, SBF making the argument to @andrewrsorkin that what he was doing wasn't criminal but was just due to lack of oversight and awareness, which he effectively blames on Chinese walls and the fact he wasn't running Alameda. #dealbook

Chronicles

A video and live blog of Sam Bankman-Fried being interviewed by Andrew Ross Sorkin at the New York Times' DealBook Summit, covering FTX, Alameda, and more

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