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CME Group’s CEO Referred to as FTX’s Sam Bankman-Fried an ‘Absolute Fraud’ When They Met in March

In line with the CEO of CME Group, Terry Duffy, the manager met with former FTX CEO Sam Bankman-Fried (SBF) final March at a convention, and Duffy ended up calling the FTX frontman a “fraud.” When Duffy sat down with SBF, the previous FTX government mentioned his finish purpose was to compete with CME Group.

Final March CME Group’s Terry Duffy Referred to as SBF a ‘Fraud’ and Says He Was the Solely One Apart from ICE to Name ‘BS on These Clowns’

Terry Duffy, the chief government officer of CME Group, the world’s largest derivatives alternate, lately sat down with the hosts of the podcast “On The Tape” and mentioned the current FTX collapse. Duffy defined that final March he sat down with the previous FTX CEO, Sam Bankman-Fried (SBF), and so they mentioned competitors. Duffy requested the previous FTX government what his finish purpose was and SBF replied “effectively, I wish to compete with you.” Duffy mentioned he replied “Nice, I’m all for competitors, what do you wish to do?”

Duffy defined that SBF mentioned he needed to compete with CME in crypto, so Duffy mentioned: “I’ll offer you one higher, how about I offer you my crypto franchises price $30 million and we’ll go from there?” SBF replied to Duffy by asking the CME Group CEO what he needed in alternate for the deal. “ what I need,” Duffy mentioned to SBF. “Let me be your threat supervisor, I’ll clear it to ensure it’s achieved correctly.” SBF responded that the CME Group CEO wouldn’t deploy his mannequin, and Duffy mentioned “your mannequin is crap.” Duffy added:

Why would I deploy a mannequin that’s going to introduce threat to the system? After all I’m not going to deploy your mannequin.

Duffy then mentioned that SBF turned him down flat out and the CME Group CEO informed the previous FTX CEO: “ what? You’re a fraud. You’re an absolute fraud. You’re supposedly price $26 billion and also you’re an altruist. In case you are an altruist at $26 billion, how come there’s not a $10 billion donation going to somebody proper at this second in time?” The CME Group CEO continued:

How ’bout a $15 billion donation? what? My web price doesn’t begin with any BS. I’ll offer you three-to-one [odds] that I’ve more cash than you. I inform you what, I’ll offer you four-to-one [odds] that I obtained more cash in my proper pocket than your web price. You’re a fraud and I’m going to ensure we get this on the market.

Duffy Confused That FTX’s Concept Was ‘Poor and Poses Vital Threat to Market Stability,’ Elon Musk Says SBF Set off His BS Detector

After assembly with SBF, Duffy mentioned he went to talk in entrance of Congress, proper across the time when FTX was in search of approval from the U.S. Commodity Futures Buying and selling Fee (CFTC) to grow to be a derivatives clearing group. Duffy famous that he was “berated” throughout the congressional listening to however he wouldn’t again down. “I mentioned you can lose 85% to 95% of your worth in a single day and [SBF] won’t decide to holding this simply crypto,” Duffy remarked on the podcast. “He needs it deployed throughout all asset courses” and Duffy additional confused that SBF’s mannequin would result in a “biblical catastrophe.”

“FTX’s proposal is manifestly poor and poses [a] important threat to market stability and market individuals,” Duffy wrote concerning the topic in mid-Could 2022.

Through the first week of October, studies mentioned that CME Group was trying to register as a direct futures fee service provider (FCM). FTX’s software with the CFTC was nonetheless ready for approval however now the appliance has been scrapped. The 64-year-old Duffy lately sat down with Bloomberg after the FTX collapse and informed the information publication that he received’t cease cryptocurrency futures buying and selling simply due to “one unhealthy actor.”

“I’m not ready to say I’d delist it,” Duffy mentioned. “We’ve been on the slicing fringe of modern merchandise, however what we don’t do is do it in a reckless method,” the CME Group government added. Through the interview with the hosts of the podcast “On The Tape,” Duffy additional known as FTX executives a bunch of clowns. “So I’m upset by this (the FTX state of affairs),” Duffy remarked. “However I’m a measured upset. I’m a really measured upset, as a result of no one else was calling BS on these clowns however me. My pals on the Intercontinental Trade (ICE) are the one different alternate that mentioned ‘we don’t like this as effectively.’”

Along with CME Group’s Duffy, Tesla and Twitter government Elon Musk informed the general public that SBF set off his BS detector. After somebody shared a dialog between Musk and an FTX consultant, within the dialog Musk requested: “Does Sam even have $3B liquid?” When Musk noticed somebody share the textual content dialog on Twitter he verified that the textual content was actual. “Correct. He set off my BS detector, which is why I didn’t assume he had $3B,” Musk tweeted in response.

What do you consider CME Group’s Terry Duffy calling SBF an “absolute fraud?” Tell us what you consider this topic within the feedback part beneath.



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