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The Guardian - US
The Guardian - US
Business
Victoria Bekiempis, Kari Paul and agencies

Sam Bankman-Fried admits to ‘large mistakes’ in crypto fraud trial testimony

Sam Bankman-Fried FTX Caroline Ellison Crypto Mark Cohen Alameda Research Gary Wang
Sam Bankman-Fried arrives at Manhattan federal court on 11 August 2023 in New York, New York.
Sam Bankman-Fried arrives at Manhattan federal court on 11 August 2023 in New York, New York. Photograph: Bebeto Matthews/AP

Sam Bankman-Fried admitted to making management mistakes while at the helm of FTX, his former multibillion-dollar cryptocurrency empire, during testimony in his defense at trial.

“I made a number of small mistakes and a number of large mistakes,” Bankman-Fried, 31, said in sharing his version of the rise and fall of crypto trading platform FTX. The biggest mistake, he said, was not implementing a dedicated risk management team.

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