SBF: The biggest mistake made at FTX was not setting up a dedicated risk management team

FTX founder Sam Bankman-Fried testified today that his biggest mistake at FTX was not establishing a dedicated risk management team and chief risk officer. As a result, there was no regulation of bankrupt cryptocurrency exchanges. When his lawyer Mark Cohen asked if FTX had a risk management team during rapid growth, Bankman-Fried said, "Of course we should have, but we didn't."