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Nov 16, 2022

Bankman-Fried Says He Was Mistaken About FTX’s Leverage Levels

Sebastian Tong, Bloomberg News

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022. This year's conference theme is "The Search for Stability in an Era of Uncertainty, Realignment and Transformation."

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022. This year's conference theme is "The Search for Stability in an Era of Uncertainty, Realignment and Transformation." , Bloomberg

(Bloomberg) -- Former FTX CEO Sam Bankman-Fried says he was mistaken about the cryptocurrency exchange’s leverage levels, thinking it was about $5 billion when it was $13 billion.

In his latest series of tweets explaining how FTX imploded, Bankman-Fried says the company got “overconfident and careless.”

NOTE: FTX Latest: Winklevosses’ Gemini Back Online, Lending Arm Halted

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