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Sam Bankman-Fried Blames ‘Huge Management Failures’ for FTX Collapse


On Wednesday, Treasury Secretary Janet L. Yellen called FTX’s collapse a “Lehman moment” for the cryptocurrency industry, referring to the bankruptcy of the Wall Street bank Lehman Brothers at the start of the 2008 financial crisis. She indicated that she viewed cryptocurrencies with skepticism, calling them “very risky assets” and adding that she was thankful that their recent volatility had not spilled over into the mainstream banking sector.For someone facing possible criminal charges, Mr. Bankman-Fried has been surprisingly willing to speak publicly. As the crisis unfolded in early November, he posted a series of apologetic tweets — statements his lawyers later chastised him for making, he has said. Two days …

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