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Sam Bankman-Fried: Twitter reacts angrily to upcoming SBF talk with New York Times

By Darius McQuaid

12:19, 24 November 2022

Andrew Ross Sorkin at The New York Times DealBook/DC policy forum in June
There has been outrage on Twitter at news that SBF is to speak at an event with Andrew Ross Sorkin (pictured) – Photo: Getty Images

Sam Bankman-Fried (SBF), founder and former CEO of FTX, the cryptocurrency exchange that filed for bankruptcy on 11 November 2022, is to speak at The New York Times and DealBook summit in a move that has angered the crypto community.

The summit is set to take place on 30 November, when Andrew Ross Sorkin is due to interview Bankman-Fried.  

Ross Sorkin is a financial columnist for The New York Times and a co-anchor of CNBC’s Squawk Box. He is also the founder and editor of DealBook, a financial news service published by The New York Times.

Bankman-Fried and Ross Sorkin both revealed on Twitter that they would be speaking to one another at the event, though the FTX founder and former CEO will be attending virtually.

Ross Sorkin said a lot of people had been asking him if Bankman-Fried would still be attending, as he had been booked several months before FTX filed for bankruptcy.

Even though the columnist said “nothing is off limits” during the interview, crypto followers have reacted negatively to the upcoming event.

‘If this happens, then I’ve lost all faith in our justice system’

John Deaton, a US attorney and founder of Crypto Law, the US legal and regulatory news site for crypto holders, was far from impressed at hearing Bankman-Fried would be taking part.

On the prospect of Bankman-Fried attending the event in person, Deaton said via Twitter: “If this happens, then I’ve lost all faith in our justice system.”

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A growing number of people believe Bankman-Fried should be held legally accountable for what happened, following revelations about mismanagement and poor accounting at FTX.

New FTX CEO John Ray, who dealt with the multi-billion-dollar collapse of the scandal-hit energy company Enron in 2001, said he had never seen a worse failure of corporate control than at FTX.

In papers filed to the bankruptcy court in the state of Delaware, Ray said: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

Layah Heilpern, author of Undressing Bitcoin (Independently published 2021),  said it was “incredible” that Bankman-Fried was speaking at the event.

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Peter McCormack, owner of Bedford Football Club (FC), who is also the host of podcast What Bitcoin Did, responded to news of Bankman-Fried speaking at the event with “LOL” and added: “SBF will get a Nobel Prize at this rate”.

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SBF joined by other notable speakers at the event

The summit will also feature other notable individuals including Eric Adams, the Mayor of New York; Mike Pence, the former US vice-president; Janet Yellen, US Secretary of the Treasury; Facebook founder Mark Zuckerberg and Ukraine’s president, Volodymyr Zelenskyy.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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