Over several objections from prosecutors who argued that Bankman-Fried was providing “narrative” rather than simply responding to Cohen’s questions, Bankman-Fried described his leadership of FTX and Alameda Research, the crypto trading firm he founded in 2017.
October 27, 2023 at 05:09 PM
4 minute read
Sam Bankman-Fried on Friday testified that the “biggest mistake” he made as CEO of bankrupt cryptocurrency exchange FTX involved failures in risk management.
“We did not have a dedicated risk management team, we did not have a chief risk officer,” Bankman-Fried said. “…There were significant oversights.”
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FTX founder Sam Bankman-Fried leaves the Manhattan federal courthouse on Tuesday, January 3, 2023. Photo: Ryland West/ALM
