Phone interview with Sam Bankman-Fried [audio]

Also Coffeezilla's take on the interview with more context: https://www.youtube.com/watch?v=0rL35_WV3lE

As far as I've followed this there seem to be many billions simply missing. That is different from money that they can't get to quickly enough to pay out their customers, it's money that is not there. A large part of their "balance sheet" were their own tokens, which is not real money.

At this point, I'm very surprised he hasn't been extradited to the US. I suppose these things take time, but he's been given the opportunity to rub salt in the wounds of thousands of people that lost billions. He shows absolutely zero remorse for his actions that have led to several suicides.

Too smart by half, this guy just doesn't shut up. Sure plays into the narrative that he's a naive kid. But painful to listen to all the scheming in the pauses of speech.

A very important nuance for everyone following this.

SBF keeps saying there was a liquidity crisis at FTX, which is 100% not true. A liquidity crisis implies that he took deposits, flipped them into good, but illiquid investments, and ran into trouble because people asked for more cash than FTX had on hand.

FTX actually had a solvency crisis, where he took deposits, put them in completely inappropriate investments (many of which are now worthless, all of which were speculative nonsense) and is now revealed to have done that.

He's using the concepts of "bank runs" and "liquidity crises" because that's sort of an "aww shucks, got caught in an unfortunate circumstance" situation when what he actually did was one of the stupidest and most malicious things anyone in "finance" has ever done.