(Bloomberg) — Here are the key takeaways from FTX founder and CEO Sam Bankman-Fried’s remarks at the Bloomberg Crypto Summit in New York Tuesday. Terminal users can click here for the TOPLive blog.
- 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.
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