In a recent testimony, the disgraced FTX founder, Sam Bankman-Fried, unveiled that he had been advised to refrain from asking too many questions, which ultimately led to the dismissal of financial decisions.
When employees informed him of an issue, he maintained that he picked up on it but explained that his busy schedule was causing distraction.
SBF Admits to Dismissing Executive Warnings
A series of posts on X (formerly Twitter) indicates that FTX employees took the initiative to report issues within the exchange to SBF. However, he allegedly disregarded this information.
When asked if his subordinates informed him about the bug related to the fiat in the account, SBF responded,
“Yes and I agreed with them. I did not follow up.”
Learn more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
Moreover, he disclosed that fellow FTX executives Gary Wang, Nishad Singh, and Ryan Salame provided him with a warning about an exploit, which he did not consider seriously at the time.
“That was a messy situation. Gary, Nishad & Ryan Salame told me an account could be trying to exploit FTX. I overrode the risk procedures. They were right.”
SBF also clarified that his readiness to engage with journalists while managing the exchange could fluctuate, ranging from as little as 30 seconds to as long as an hour before conducting interviews.
SBF Claims Never a ‘Core Breach’ To FTX
Meanwhile, Zach Dexter disclosed his involvement in crafting his congressional testimony.
“I thought we were doing a good job. I don’t know if I’d say the same today.”
In a recent court hearing, SBF revealed that third parties associated with FTX had experienced prior compromises. He acknowledged the existence of “security concerns” but emphasized that he never had a core breach.
Just days ago, Judge Kaplan was deliberating on whether to permit jurors to return home for the weekend. Kaplan concluded,
“Tomorrow. I might send the jurors home. Or I might not.”
Learn more: Who Is John J. Ray III, FTX’s New CEO?
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
