In order to earn and pay FTX victims, SBF may start a new business

“I certainly wasn’t as competent as I thought I was,” SBF said of FTX’s failure.

According to Sam Bankman-Fried, the former CEO of FTX, he is willing to start a new business venture in order to earn enough funds to pay back FTX victims.

In his opinion, the platform’s failure was not caused by fraud, but rather by poor management.

  • During a recent interview, SBF pledged to do everything in its power to restore investors’ losses caused by his exchange’s meltdown, including launching a new project that may provide the funds he requires.
  • As for the rumors that FTX’s sister company – Alameda Research – was misusing customer funds and that he and other executives coordinated the exchange of cash and cryptocurrencies between the two companies, he denied them.
  • In his view, the decline of the trading venue is not the result of fraud, but rather of management mistakes:

“I didn’t commit fraud knowingly, I don’t believe I committed fraud, and I didn’t want anything like this to happen.” I definitely wasn’t as capable as I thought I was.”

  • According to SBF, he is aware that he could be arrested and sentenced to prison. However, he tries to reject such thoughts and focus on potential solutions:
  • The FTX debacle has been one of the most significant negative events in crypto this year. In November, the organization experienced a liquidity crisis and was unable to honor its clients’ withdrawal requests.
  • Many officials and prominent people urged SBF to shed more light on the crisis and accept responsibility for it. On December 13, the former executive is scheduled to testify before the US House Committee on Financial Services.

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