Sam Bankman-Fried admits FTX ‘sure should have’ done more to protect customers’ money

FTX CEO Sam Bankman-Fried said that the exchange “sure should have” done more to protect customers’ money in the wake of the industry-wide Flash Crash of May 26. Bankman-Fried conceded that scientists at FTX knew in advance that prices of certain tokens were likely to dip, but that this knowledge was not conveyed to FTX customers. He said that in retrospect, there were steps that FTX could have taken to help shield customers’ funds from unexpected losses. Bankman-Fried further noted that, going forward, FTX will work to make sure customers are more aware of any future risks.