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SBF: I knew "basically nothing" about crypto
Source: CNN
Bankman-Fried testified Friday that he knew “basically nothing” about crypto before starting Alameda Research.
“I had absolutely no idea how they worked…I just knew they were things you could trade.”
When asked by his defense counsel why he founded Alameda Research in the fall of 2017, he said that at the time, “there was a ton of excitement, a ton of demand…” but not a lot of infrastructure for large trading firms.
“I had absolutely no idea how they worked…I just knew they were things you could trade.”
When asked by his defense counsel why he founded Alameda Research in the fall of 2017, he said that at the time, “there was a ton of excitement, a ton of demand…” but not a lot of infrastructure for large trading firms.
Read more: https://www.cnn.com/business/live-news/sbf-testimony-before-jurors-ftx-fraud-trial/h_50669cd4836b32f3b46172426d7b5108
SBF thought there was an 80% chance FTX would fail
Bankman-Fried testified Friday that he initially envisioned quickly selling FTX to cryptocurrency exchange Binance, since he "had no idea how we would get customers."
However, Binance ended up using an internal team to build out its own exchange platform. And the more he thought about it, Bankman-Fried said, the more he became convinced that he could grow FTX despite the challenge of attracting customers.
It began to feel "less hopeless, like maybe we could figure it out," SBF said.
"I thought there was maybe a 20% chance of success," and an 80% chance it would shut down after a few months, he told jurors. “Even that 20% chance was a huge opportunity, given that the biggest exchanges at the time were multibillion-dollar companies."
https://www.cnn.com/business/live-news/sbf-testimony-before-jurors-ftx-fraud-trial/h_29fa4d4fed95a973853f0601067e32e0
Bankman-Fried testified Friday that he initially envisioned quickly selling FTX to cryptocurrency exchange Binance, since he "had no idea how we would get customers."
However, Binance ended up using an internal team to build out its own exchange platform. And the more he thought about it, Bankman-Fried said, the more he became convinced that he could grow FTX despite the challenge of attracting customers.
It began to feel "less hopeless, like maybe we could figure it out," SBF said.
"I thought there was maybe a 20% chance of success," and an 80% chance it would shut down after a few months, he told jurors. “Even that 20% chance was a huge opportunity, given that the biggest exchanges at the time were multibillion-dollar companies."
https://www.cnn.com/business/live-news/sbf-testimony-before-jurors-ftx-fraud-trial/h_29fa4d4fed95a973853f0601067e32e0
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