Citizen journalist Tiffany Fong uploaded Sam Bankman-(SBF) Fried’s first extended interview after FTX’s bankruptcy on YouTube on Tuesday.
On November 16, the former CEO provided his opinion on a number of allegations made against him after the company’s bankruptcy, as well as the current situation of FTX US customers.
He also discussed FTT, the exchange’s native token, which he said had more inherent worth than the majority of other cryptocurrencies. Fong started by interrogating SBF about previous allegations that the CEO had manipulated the FTX’s financial records via a “backdoor” that enabled instructions to be executed without notifying others.
Reuters reported this assertion numerous times in the days after FTX’s bankruptcy, adding that client assets were transferred via a backdoor to FTX’s subsidiary trading department, Alameda Research.
During the phone conversation, SBF said, “I was not constructing a backdoor in the system.” Specifically, Reuters reported on November 15 that FTX’s chief of engineering, Gary Wang, created the backdoor.
Allegedly, only Wang, SBF, and his close circle knew about the transfer of assets. SBF said about FTT that he does not perceive the exchange’s token to be useless. “I believe its value is more economically supported than the ordinary token,” he stated, citing the buy-and-burn mechanism, fee reductions, and cash flow of the FTT token.
FTT started November at over $20 but is now trading at under $1.31 as of this writing.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.