Sam Bankman-Fried (SBF), the former CEO of the now-collapsed FTX crypto exchange, has said that he hopes to start a new business to generate funds to pay back victims of the company’s collapse.
SBF wants a new business.
To the @BBC: "I’m going to be thinking about how we can help the world, and if users haven’t gotten much back, I’m going to be thinking about what I can do for them." https://t.co/Z8wfy88A1Y
— Unchained Podcast (@Unchained_pod) December 11, 2022
Speaking with the BBC SBF in the Bahamas denied any fraud, but admitted that he had been:
“Not nearly as competent as I thought I was.”
Over one million FTX users are believed to be locked out their crypto wallets and unable access their funds.
SBF answered the question of whether he would start a new company to compensate FTX shareholders.
“I would give anything to be able to do that. And I’m going to try if I can.”
Described by bankruptcy lawyers as “one of the most abrupt and difficult collapses in the history of corporate America,” SBF was accused of running FTX as “his own personal fiefdom.”
Furthermore, it is alleged that SBF’s hedge fund company, Alameda Research, was using customer funds from FTX To place risky bets on financial market without customer consent.
A former senior FTX employee claimed SBF Must have known of this practice, and he was accused of lying in recent interviews in which SBF denied knowledge about the flow of funds or cryptocurrencies between the two companies.
In response to the former senior FTX employee’s claim, SBF said:
“No that’s not true […]I didn’t knowingly commit fraud, I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen.”
SBF is set to testify at a hearing regarding the collapsed exchange before the US Senate Banking Committee and faces several federal investigations into his former company’s handling of funds.
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