“This was a totally on-label use of drugs”

Sam Bankman-Fried.Craig Barritt/Getty Images for CARE For Special Children

  • Sam Bankman-Fried has denied reports that the employees of his now bankrupt crypto empire were fueled by drugs and alcohol.

  • His denial comes after tweets about “stimulants” and “amphetamines” by SBF and Caroline Ellison surfaced.

  • When asked if FTX was run by “guys who are on Adderall for a sleepover,” SBF said, “we screwed it up.”

Sam Bankman-Fried has debunked reports that employees of his now-defunct crypto empire were fueled by drugs and alcohol, saying any drug use was “totally on-label.”

“I had my first sip of alcohol after my 21st birthday, and I had maybe half a glass of alcohol a year, roughly speaking. There were no wild parties here. When we had parties, we played board games,” he told reporter Andrew Ross Sorkin at the New York Times Dealbook conference on Wednesday.

Earlier this month, Bankman-Fried’s firms FTX and Alameda Research filed for bankruptcy, sparking turmoil across the entire cryptocurrency industry after allegedly misusing client funds. FTX still owes its creditors $8 billion.

As the crisis unfolded, reports surfaced that Bankman-Fried and his top deputies shared an apartment together and allegedly dated, as well as old drug-related tweets from Bankman-Fried and Alameda Research CEO Caroline Ellison.

Bankman-fried tweeted on “stimulants when you wake up, sleeping pills if you need them while you sleep,” while Ellison once tweeted“nothing like regular amphetamine use to make you appreciate how stupid a normal, unmedicated human experience is.”

However, Bankman-Fried dismissed the notion that drug misuse was common at FTX, saying that any medicine she took was prescribed by a doctor.

“I have been prescribed various things at various times to help with focus and concentration….these have all been use of totally labeled drugs,” she said.

“I think those are things that, on the sidelines, have helped me focus a little bit. I wish I’d been a lot more focused in the last year.”

FTX’s in-house trainer and psychiatrist, Dr. George K Lerner, told The New York Times earlier this month that some FTX employees were taking prescription ADHD medications, but that “the rate of ADHD in the company was in line with most technology companies.”

When asked if FTX was run by “a bunch of guys who are on Adderall for a sleepover,” by Andrew Ross Sorkin, Bankman-Fried replied, in part, “look, I screwed up. I was the CEO of FTX .. ​​This means that I was ultimately responsible for asking for big things and I didn’t.

Read the original article on Business Insider

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