FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of US prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of the world’s largest cryptocurrency exchanges.

Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges

In his first public appearance amid the collapse of FTX, a cryptocurrency firm that left investors with losses of billions of dollars, former FTX CEO Sam Bankman-Fired tried to distance himself from committing any fraud.&nbsp;

"Look, I screwed up," he told the 'Deadlock conference' hosted by CNBC News and The New York Times, and apologised for his 'mistakes' and the firm's sudden collapse. He said that he didn't knowingly behave fraudulently.

<a href="https://www.wionews.com/business-economy/cryptocurrency-lender-blockfi-files-for-bankruptcy-ftx-fallout-rattles-crypto-industry-538578">Also read |&nbsp;&nbsp;Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry</a>

Speaking via video call, Bankman-Fried, occasionally on verge of tears, said, "I'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again."

He also said that the details that surfaced online shocked him amid the fall of the cryptocurrency firm.

Two individuals familiar with the situation said that Bankamn secretly transferred $10 billion in client money to Alameda Research, causing a liquidity crunch at the FTX. However, he told Reuters that he didn't move the money to the research firm and said he did not run Alameda.

<a href="https://www.wionews.com/world/disgraced-ftx-founder-ran-the-company-as-a-personal-fiefdom-says-attorneys-536619">Also read |&nbsp;Disgraced FTX founder ran the company as a 'personal fiefdom', say attorneys</a>

On Wednesday (Nov 30), he even said that he has close to nothing left and is now down to one credit card with nearly $100,000 in the bank.

The man once touted as a 'crypto genius' told the conference he is opening up against the advice of his lawyers from the Bahamas. When asked if he'll be travelling to the US, he said he might have to come for the upcoming congressional hearing over the company's collapse.&nbsp;

On November 11, Bankman-Fried resigned from FTX as the firm filed for bankruptcy protection while facing a significant financial crunch with a deluge of withdrawals from customers. A source told Reuters that the company has been facing US investigations since mid-November on how it handled customers' funds.&nbsp;

(With inputs from agencies)

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In his first public appearance amid the collapse of FTX, a cryptocurrency firm that left investors with losses of billions of dollars, former FTX CEO Sam Bankman-Fired tried to distance himself from committing any fraud.

In his first public appearance amid the collapse of FTX, a cryptocurrency firm that left investors with losses of billions of dollars, former FTX CEO Sam Bankman-Fired tried to distance himself from committing any fraud. "Look, I screwed up," he told the 'Deadlock conference' hosted by CNBC News and The New York Times, and apologised for his 'mistakes' and the firm's sudden collapse. He said that he didn't knowingly behave fraudulently. Also read | Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry Speaking via video call, Bankman-Fried, occasionally on verge of tears, said, "I'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again." He also said that the details that surfaced online shocked him amid the fall of the cryptocurrency firm. Two individuals familiar with the situation said that Bankamn secretly transferred $10 billion in client money to Alameda Research, causing a liquidity crunch at the FTX. However, he told Reuters that he didn't move the money to the research firm and said he did not run Alameda. Also read | Disgraced FTX founder ran the company as a 'personal fiefdom', say attorneys On Wednesday (Nov 30), he even said that he has close to nothing left and is now down to one credit card with nearly $100,000 in the bank. The man once touted as a 'crypto genius' told the conference he is opening up against the advice of his lawyers from the Bahamas. When asked if he'll be travelling to the US, he said he might have to come for the upcoming congressional hearing over the company's collapse. On November 11, Bankman-Fried resigned from FTX as the firm filed for bankruptcy protection while facing a significant financial crunch with a deluge of withdrawals from customers. A source told Reuters that the company has been facing US investigations since mid-November on how it handled customers' funds. (With inputs from agencies) WATCH WION LIVE HERE

Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud

The attorneys for FTX have made some startling revelations at the US bankruptcy court hearing on how the crypto exchange was run by its former boss Sam Bankman-Fried, the collapse of crypto exchanges left an estimated 1 million creditors facing losses to the tunes of billions of dollars.

FTX: Startling revelations by lawyers in court; Attorneys say, 'Was run as Personal Feifdom'

As per reports, Bahamian police questioned FTX founder Sam Bankman-Fried on Saturday

WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police