The former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), took the stand once again on October 27. This time, it was in front of the jury as Bankman-Fried had a lot to say about what went on at his former company, including revelations about how he planned to sell the exchange to its one-time competition, Binance.
Why Sam Bankman-Fried Wanted To Sell FTX To Binance
According to a live report by CNN, SBF stated that he saw himself selling FTX to Binance when he and co-founder Gary Wang first started it in 2019 due to the number of crypto exchanges that already existed and the fact that he had no idea of how the company was going to get customers.
However, that idea was quickly shut down as Binance is said to have used an internal team to build its exchange platform. Following this, Sam Bankman-Fried noted that he was more motivated than ever to build something out of FTX despite the initial challenge of growing its customer base.
In the weeks after that, the defendant began to feel more hopeful and felt there was a “20% of success,” which he saw as “a huge opportunity” considering the profitability that the biggest exchanges enjoyed.
FTX went on to become one of the biggest exchanges, even surpassing the second-largest crypto exchange by trading volume, Coinbase, at some point. While on the s
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Author: Scott Matherson
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