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The fallen crypto CEO on what went wrong, why he did what he did, and what lies he told along the way. That was surprising. Bankman-Fried, though, apparently wanted to talk. About regulators. It was past midnight Bahamas time, where Bankman-Fried is reportedly still located, and we went back and forth on Twitter for more than an hour.
He was, he said, still working to try to raise the funding needed to pay back all his depositors. The grief and pain he has caused is immense, and I came away from our conversation appalled by much of what he said. That project is now on pause. Before his empire collapsed, Bankman-Fried was actively engaged in lobbying in Washington for a regulatory framework for cryptocurrency.
But in our conversation, he dismissed their role. That question happens to be one I had asked him in the interview this summer, which I had just relistened to the night before our Twitter conversation. At the time, of course, I thought the ethical dilemma where Bankman-Fried had perhaps crossed a line was whether it was acceptable to run a cryptocurrency exchange in the first place — and whether the good he claimed he meant to do made it okay.
And if so, where would you draw that line? Or else, you know, you could end up doing massively more damage than good. And I think more generally, you could say, okay, fine, but just, like, subtract that out.