Live Updates: FTX's Sam Bankman-Fried at Bloomberg Crypto Summit - Bloomberg

[Gunnar Larson]

FBI, what on Earth was happening back in 2022 for these surveillance people
in Chelsea to say that if Gunnar went to the Bloomberg Crypto Summit that
Gunnar would be arrested?

So strange then? Funny now for you.

Meanwhile, Sullivan & Cromwell had a T -15 months from FTX blowing up. The
Bloomberg Crypto Summit holds clues to FTX going under. Poor Sam!

Gunnar

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Live Updates: FTX's Sam Bankman-Fried at Bloomberg Crypto Summit -
Bloomberg
https://www.bloomberg.com/news/live-blog/2022-07-18/ftx-s-sam-bankman-fried-at-bloomberg-crypto-summit?utm_medium=deeplink


Jul 1912:11

‘Herd behavior’ drove much of crypto rout, Bankman-Fried Says

Recent downturn helped shake out weaker players, he says

Stability in markets, not volatility, better for growth

‘Moderately bad’ deals acceptable to foster stability, he says

Thanks for tuning into the session. Here are some key takeaways from Sam
Bankman-Fried’s interview with Matt Levine at the Bloomberg Crypto Summit:

In bailing out crypto companies, Bankman-Fried said he wanted to make sure
customers got their deposits back. “We need to be a good, constructive
actor in this space,” he said about his efforts to avert a crypto contagion.

Some companies Bankman-Fried talked about bailouts with didn’t know or
couldn’t provide numbers on their own balance sheets, he said.

On Three Arrows Capital, the crypto hedge fund that filed for bankruptcy,
Bankman-Fried said “their trading was probably more like punting than
arbitrage making.” It’s not that their positions were illiquid, they just
lost their money, he said.

While volatility can be good for exchanges in the short term, stability and
a healthy ecosystem is what benefits the players in the long term, he said.

FTX keeps its treasury in dollars, he said. It also doesn’t let its users’
accounts to go negative, exercising prudent risk management.

Olga Kharif
Technology Reporter
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