Sam Bankman-Fried claims to have just $100,000 left in his bank account after the collapse of his cryptocurrency empire.
The new statements are the FTX founder’s first attempt to explain his current personal fortune during intense scrutiny over his handling of the company’s finances.
FTX’s new leaders have condemned Sam Bankman-Fried’s management of the company in the midst of a disastrous bankruptcy.
“Am I allowed to say a negative number?” he told Axios about his finances. “I mean, I have no idea. I don’t. The last time I checked I had $100,000 in my bank account.”
“It’s complicated. Basically everything I had was tied up in the company,” he added.
If true, the paltry sum represents a dramatic dip from Sam Bankman-Freed’s estimated net worth, which stood at $16 billion before FTX’s collapse this month.
Bankman-Freed’s personal fortune will be continually reviewed as officials try to recover FTX’s funds.
In a recent court filing, FTX said it owed its 50 largest creditors as much as $3 billion, while Reuters reported that at least $1 billion in customer funds – and possibly much more – are still missing.
Bankman-Freed secretly transferred $10 billion in client funds to FTX in a failed attempt to prop up Alameda Research and its risky bets, according to Reuters. Alameda, a sister company of FTX, has since closed down.
In his interview with Axios, he did not address the allegations that he treated FTX as if it were his “personal minion”.
FTX’s new legal team alleged that Bankman-Freed and his close associates at FTX looted the company’s coffers, spending some $300 million on real estate in the Bahamas – with most of the money used to buy villas and beachfront properties.