Sam Bankman-Fried claims he paid little attention to his company expenses, per Bloomberg.
The FTX co-founder told Bloomberg he didn't realize he was spending more than he was taking in.
Authorities in the US and the Bahamas are investigating FTX's collapse.
Sam Bankman-Fried said he paid so little attention to his company expenses that he didn't realize he was spending more than he was taking in.
The FTX co-founder told Bloomberg that the billions of dollars customers wired to Alameda Research, a trading firm and FTX's sister company, were gone because the companies were spending more than they made.
When demonstrating the company's biggest cashflows to the Bloomberg journalist, Bankman-Fried listed $250 million in expenses for real estate and $1 billion for "fuckups." His largest expense was listed as a net payment of $2.5 billion to rival Binance to buy out the company's investment in FTX.
After putting the company expenses into a spreadsheet, Bankman-Fried created a column of much lower numbers to demonstrate how much he thought he was spending at the time, per Bloomberg.
Representatives for FTX did not immediately respond to Insider's request for comment made outside of normal working hours.
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