SBF plans new venture to repay FTX collapse victims, claims ‘did not commit fraud’
Sam Bankman-Fried (SBF), former CEO of the now-collapsed cryptocurrency exchange FTX, said he wants to start a new business to generate funds to pay back victims of the company’s collapse.
Does SBF want to start a new business?
To @BBC: "Think about how you can help the world. If my users aren’t getting much out of it, I’ll figure out what I can do for them." https://t.co/Z8wfy88A1Y
— Unchained Podcast (@Unchained_pod) December 11, 2022
busy with the BBC In the Bahamas, SBF denied any fraudulent activity but admitted to:
“I’m not as competent as I thought I was.”
It is estimated that over 1 million FTX users have been locked out of their cryptocurrency wallets and unable to access their funds.
When asked if it plans to create new businesses to make money to compensate FTX investors, SBF said:
“I will do whatever it takes to be able to do it, and I will do what 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 operating FTX as “his own personal fiefdom.”
In addition, SBF’s hedge fund firm, Alameda Research, was alleged to have used client funds from FTX to place risky bets in financial markets without the client’s knowledge or consent.
Former senior FTX employee says SBF He must have been aware of this practice, accusing SBF of lying in a recent interview in which he denied knowledge of the flow of funds and cryptocurrencies between companies.
In response to the former FTX senior employee’s allegations, SBF said:
“No, it’s not true […]I didn’t commit fraud on purpose, I didn’t commit fraud on purpose, I don’t think I committed fraud, I didn’t want this to happen.
SBF is set to testify before the U.S. Senate Banking Committee at a hearing on the collapsed exchange and faces several federal investigations into his former firm’s handling of funds.
A post that SBF is planning a new business to pay back victims of the FTX collapse first appeared on CryptoSlate, claiming it was “not committing fraud.”
