SBF Planned To Reveal His Biggest Mistake

December 15, 2022

Story: Divya Sinha

In a draft of his planned testimony, Former FTX CEO Sam Bankman-Fried reveals his biggest mistake was cutting his workday from 18 to about 13 hours a day.

SBF in his 7,000-word draft wrote that in the months leading up to the exchange's collapse, he wasn't so immersed in operational details.

He wrote that he spent more time talking to regulators, branding FTX and new deals, and managing the exchange's workforce this year.

The draft mentioned, "That's time that wasn't spent focusing on the actual core product, including risk management."

Also, SBF wrote "I was wrong," as  he thought that he could hold FTX together despite the expansion. 

SBF wasn't able to testify as scheduled before the House Services Financial Committee on Tuesday as he was arrested by Bahamian police on Monday.

He has been accused of embezzling billions of dollars and violating campaign laws.