美国国家公共电台 NPR--Sam Bankman-Fried strikes apologetic pose as he describes being shocked by FTX's fall

Sam Bankman-Fried strikes apologetic pose as he describes being shocked by FTX's fall

Transcript¹

Currently the most notorious figure in the crypto industry, Sam Bankman-Fried on Wednesday claimed he "didn't try to commit fraud on anyone."

"I'm deeply sorry about what happened," said Bankman-Fried, the founder² and now-former CEO of the cryptocurrency exchange FTX, during a live interview at the New York Times Dealbook Summit.

The day-long summit included high-profile guests, such as Treasury³ Secretary Janet Yellen, but many were wondering if Bankman-Fried, who committed to participate in the event before FTX imploded⁴, would show up.

Sure enough, he did, frequently portraying⁵ himself as someone in the dark about the activities and condition of FTX and his hedge fund Alameda Research.

Bankman-Fried spoke⁶ for more than an hour, wearing his signature T-shirt and appearing apologetic when the interviewer, journalist Andrew Ross Sorkin, read messages from FTX customers who said they had lost their life savings⁷.

"I've had a bad month," said the 30-year-old onetime darling of both Wall Street and Washington, eliciting⁸ laughter from the audience. "This is not what matters here. Like, what matters here is the millions of customers."

Sorkin asked Bankman-Fried if his lawyers were okay with him giving the interview, which was broadcast on CNBC as well as the New York Times web site. Bankman-Fried said no.

"The classic advice is: "don't say anything, recede⁹ into a hole," he said. "I have a duty to talk. I have a duty to explain what happened. And I have a duty to do everything I can to try and do what's right."

The spectacular crash of FTX and its dozens of affiliates¹⁰ littered around the globe was triggered by a tweet on Nov. 6 from another titan in the crypto industry, Binance CEO Changpeng Zhao, that raised questions about the company's solvency¹¹. In a matter of days, FTX had fallen, and with it, Bankman-Fried's fortune and reputation.

"I saw it as a thriving, growing business," he said in the interview. "I was shocked by what happened this month. And you know, reconstructing it, there are things I wish I had done differently."

Bankman-Fried appeared from the Bahamas, where FTX is headquartered, and where he has been under investigation¹² by Bahamian regulators. He was frequently asked about the relationship between FTX and Alameda Research, which held many of FTX's assets.

Bankman-Fried said that after the tweet on Nov. 6 raising concerns about FTX's stability and its ties to Alameda, he saw a "run on the bank start," which led to about $4 billion a day in withdrawals¹³.

"I start to become nervous that FTX is not going to be able to fill customer withdrawals... and I'm starting to think about emergency scenarios," he said. "On Nov. 5 I was feeling quite good about that. On Nov. 7 I was feeling quite uneasy about that."

In the early hours of Nov. 11, Bankman-Fried resigned and the company filed for bankruptcy¹⁴.

Throughout the interview, he denied knowing key financial information and portrayed¹⁵ himself as out-of-touch, saying he should have exercised more oversight¹⁶ and didn't spend enough time exploring risks, as well as blaming others in the company.

While tucked away in the Bahamas, Bankman-Fried has taken the unusual step of going on a charm campaign and also cast himself as unaware¹⁷ of his company's messy finances and the potential harm to his customers in a Thursday interview on "Good Morning America."

"I did not know that there's any improper¹⁸ use of customer funds," Bankman-Fried said in the interview with George Stephanopoulos, which was taped in the Bahamas.

Court filings describe how Bankman-Fried and colleagues used apps that automatically delete messages for official company communications and how they approved expense reports with emojis.

The lawyer representing FTX in the bankruptcy proceedings¹⁹ has said that the company had a "lack of corporate²⁰ controls" at a level he'd never seen before, and that FTX's new management is struggling to piece together a financial picture of the exchange which had "unreliable books and records."

"I wasn't spending any of my time or effort trying to manage risk on FTX," Bankman-Fried said in the Stephanopolous interview. "I don't know what to say. Like, what happened happened, and if I had been spending an hour a day thinking about risk management on FTX, I don't think that would've happened."

Treasury Secretary says crypto is having a "Lehman moment"

With the bankruptcy of another crypto company, BlockFi, earlier this week, many are not just asking about what happened to FTX. They want to know if the end of cryptocurrencies is close and if there's a risk to the greater financial system.

The shaky industry is attracting the attention of Washington, with Yellen telling the summit that "it's a 'Lehman moment' within crypto," referring to the collapse²¹ of Lehman Brothers that contributed to the global financial crisis 15 years ago.

"And crypto is big enough that you've had substantial harm of investors²², and particularly people who aren't very well informed about the risks that they're undertaking²³, and that's a very bad thing," she said.

FTX pitched itself as a way for everyday people to enter the often opaque²⁴ and confusing world of crypto, buying Super Bowl ads and creating a platform where it was easy to buy virtual currencies. Thousands of smaller investors, wanting to profit from the massive escalations in coins and tokens, rushed to sign up.

In her comments, Yellen once again called on Congress to strengthen the oversight of virtual currencies, saying the industry "really needs to have adequate regulation, and it doesn't."

Taking his case to the public

From the beginning, it was pretty clear Bankman-Fried wasn't going to go quietly.

As his crypto empire started to collapse, he tried to explain himself on Twitter. "I sincerely apologize," he posted. "I f---ed up, and should have done better."

After he relinquished²⁵ control of FTX, and the company filed for bankruptcy, Bankman-Fried's tone changed. But he kept tweeting, and started to make his case to journalists again.

In an astonishing piece, drawn²⁶ from direct messages he exchanged with a Vox columnist²⁷, Bankman-Fried claimed he was still trying to raise money to make FTX customers whole, and he criticized the regulators who now have him in their crosshairs.

"F--- regulators," he wrote. "They make everything worse."

That comment, and Bankman-Fried's eagerness to make his case in the public square, prompted an official response from John J. Ray III, who succeeded him at FTX.

"Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic²⁸ and misleading public statements," he wrote in a bankruptcy filing.

Ray noted²⁹ Bankman-Fried is no longer an employee of FTX, and he doesn't speak for the company.

Substantial amount of money has been stolen or is just "missing"

Under Ray's stewardship³⁰, FTX has begun bankruptcy proceedings in Delaware.

The company estimates it has more than 1 million creditors³¹, and according to one of its lawyers, "a substantial amount of assets have either been stolen, or are missing."

"We have witnessed one of the most abrupt³² and difficult collapses³³ in the history of corporate America," said James Bromley, an attorney representing the company.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

3 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

4 imploded   

v.（使）向心聚爆( implode的过去式和过去分词 )

参考例句：

• The economies of Brazil and Russia imploded in 1998. 巴西与俄罗斯的经济在1998年宣告破裂。 来自互联网
• A startling number of his nominees for senior positions have imploded. 他所提名的高级官员被否决的数目令人震惊。 来自互联网

5 portraying   

v.画像( portray的现在分词 )；描述；描绘；描画

参考例句：

• The artist has succeeded in portraying my father to the life. 那位画家把我的父亲画得惟妙惟肖。 来自《简明英汉词典》
• Ding Ling was good at portraying figures through careful and refined description of human psychology. 《莎菲女士的日记》是丁玲的成名作，曾引起强烈的社会反响。 来自汉英文学 - 中国现代小说

6 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

7 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

8 eliciting   

n. 诱发, 引出 动词elicit的现在分词形式

参考例句：

• He succeeded in eliciting the information he needed from her. 他从她那里问出了他所需要的信息。
• A criminal trial isn't a tribunal for eliciting the truth. 刑事审讯并非是一种要探明真相的审判。

9 recede   

vi.退(去)，渐渐远去；向后倾斜，缩进

参考例句：

• The colleges would recede in importance.大学的重要性会降低。
• He saw that the dirty water had begun to recede.他发现那污浊的水开始往下退了。

10 affiliates   

附属企业( affiliate的名词复数 )

参考例句：

• She affiliates with an academic society. 她是某学术团体的成员。
• For example, these security affiliates participated in the floating of 19,000,000,000 of issues in 1927. 例如，这些证券发行机构在1927年的流通证券中，就提供了一百九十亿美元的证券。

11 solvency   

n.偿付能力，溶解力

参考例句：

• Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
• Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。

12 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

13 withdrawals   

n.收回，取回，撤回( withdrawal的名词复数 )；撤退，撤走；收回[取回，撤回，撤退，撤走]的实例；推出（组织），提走（存款），戒除毒瘾，对说过的话收回，孤僻

参考例句：

• He has made several withdrawals from his bank account. 他从银行账户上提了几次款。 来自《简明英汉词典》
• It is not the bank's policy to deduct interest on withdrawals. 提款需扣除利息这并非是本银行的政策。 来自辞典例句

14 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

15 portrayed   

v.画像( portray的过去式和过去分词 )；描述；描绘；描画

参考例句：

• Throughout the trial, he portrayed himself as the victim. 在审讯过程中，他始终把自己说成是受害者。
• The author portrayed his father as a vicious drunkard. 作者把他父亲描绘成一个可恶的酒鬼。 来自《现代汉英综合大词典》

16 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

17 unaware   

a.不知道的，未意识到的

参考例句：

• They were unaware that war was near. 他们不知道战争即将爆发。
• I was unaware of the man's presence. 我没有察觉到那人在场。

18 improper   

adj.不适当的，不合适的，不正确的，不合礼仪的

参考例句：

• Short trousers are improper at a dance.舞会上穿短裤不成体统。
• Laughing and joking are improper at a funeral.葬礼时大笑和开玩笑是不合适的。

19 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

20 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

21 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

22 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

23 undertaking   

n.保证，许诺，事业

参考例句：

• He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
• He is too timid to venture upon an undertaking.他太胆小，不敢从事任何事业。

24 opaque   

adj.不透光的；不反光的，不传导的；晦涩的

参考例句：

• The windows are of opaque glass.这些窗户装着不透明玻璃。
• Their intentions remained opaque.他们的意图仍然令人费解。

25 relinquished   

交出，让给( relinquish的过去式和过去分词 )； 放弃

参考例句：

• She has relinquished the post to her cousin, Sir Edward. 她把职位让给了表弟爱德华爵士。
• The small dog relinquished his bone to the big dog. 小狗把它的骨头让给那只大狗。

26 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

27 columnist   

n.专栏作家

参考例句：

• The host was interviewing a local columnist.节目主持人正在同一位当地的专栏作家交谈。
• She's a columnist for USA Today.她是《今日美国报》的专栏作家。

28 erratic   

adj.古怪的，反复无常的，不稳定的

参考例句：

• The old man had always been cranky and erratic.那老头儿性情古怪,反复无常。
• The erratic fluctuation of market prices is in consequence of unstable economy.经济波动致使市场物价忽起忽落。

29 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

30 stewardship   

n. n. 管理工作；管事人的职位及职责

参考例句：

• The organization certainly prospered under his stewardship. 不可否认，这个组织在他的管理下兴旺了起来。
• Last, but certainly not least, are the issues of stewardship and ethics. 最后，但当然不是微不足道的，是工作和道德规范的问题。

31 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

32 abrupt   

adj.突然的，意外的；唐突的，鲁莽的

参考例句：

• The river takes an abrupt bend to the west.这河突然向西转弯。
• His abrupt reply hurt our feelings.他粗鲁的回答伤了我们的感情。

33 collapses   

折叠( collapse的第三人称单数 )； 倒塌； 崩溃； （尤指工作劳累后）坐下

参考例句：

• This bridge table collapses. 这张桥牌桌子能折叠。
• Once Russia collapses, the last chance to stop Hitler will be gone. 一旦俄国垮台，抑止希特勒的最后机会就没有了。