On Tuesday, Sam Bankman-Fried (SBF)’s first long-form interview since FTX’s bankruptcy was published to YouTube by citizen journalist Tiffany Fong.

Regarding FTT, SBF said that he doesn’t believe the exchange’s token was worthless. “I think its value is more economically underpinned than the average token was,” he said, because of FTT’s buy + burn mechanism, fee discounts, and cash flow. 

SBF denied claims that the token collapsed due to margin calls at Alameda and FTX (in which FTT was used as collateral), or due to the asset’s illiquidity. Instead, he said it was simply a loss of faith in the exchange that led to a massive selloff that tanked its price. 

“This was the reaction to news coming out specifically surrounding FTX and Alameda, and their solvency,” he concluded.