FTX Exchange and Alameda Research founder — Sam Bankman-Fried (SBF) — spoke for the first time as a witness in his criminal fraud trial on October 27. Among the revelations, Bankman-Fried admitted he “knew nothing” about cryptocurrencies when he started Alameda in 2017.
SBF’s testimony was covered live by CNN Business for approximately seven hours. According to the coverage, Sam knew “basically nothing” about crypto when he decided to found Alameda Research in 2017.
“I had absolutely no idea how they worked…I just knew they were things you could trade. There was a ton of excitement, a ton of demand…”
— Sam Bankman-Fried (SBF)
Notably, FTX just came two years later, in 2019, with the main goal of creating a more trading-friendly platform that could be offered for sale to Binance. His plans changed when the number of customers started to increase.
“I thought there was maybe a 20% chance of success and an 80% chance it would shut down after a few months. Even th
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