Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Sam Bankman-Fried Wants to Start New Business to Pay Back FTX Users – ‘I’ll Try If I Can’ – Featured Bitcoin News
Former FTX CEO Sam Bankman-Fried (SBF) has revealed that he wants to start a new business in the hope of making money to repay FTX customers. “I would give anything to be able to do that. And I will try if I can, he said.
SBF wants to start a new business
Sam Bankman-Fried (SBF), former CEO of the collapsed crypto exchange FTX, was asked in an interview with the BBC, published on Saturday, whether he planned to start a new business venture to make money to pay back FTX investors and customers. The former FTX manager replied:
I would give anything to be able to do that. And I’ll try if I can.
He added: “I’m going to think about how we can help the world, and if the users haven’t gotten much back, I’m going to think about what I can do for them. And I think at least I have a duty to FTX users to do justice to them as best I can.”
FTX filed for bankruptcy on November 11 and an estimated one million customers and investors lost billions of dollars in the stock market collapse. However, Bankman-Fried has insisted that he did not deliberately commingle customer funds or commit fraud. SBF told the news agency:
I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen. I certainly wasn’t nearly as competent as I thought I was.
Bankman-Fried was also asked if he is prepared for the possibility of going to prison. The former FTX manager replied:
There is some time at night brooding, yes, but when I get up during the day, I try to focus, be as productive as possible and ignore things that are out of my control.
At least one person has said that he will support SBF again if he has another venture. Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, believes that Bankman-Fried is one of the best traders in the crypto space. He and hedge fund manager Bill Ackman are convinced that the former FTX manager did not knowingly commit fraud. O’Leary was paid $15 million by FTX to become the exchange’s spokesperson. The Shark Tank star also secured nearly $8 billion to save FTX before it collapsed.
On Monday evening, the Office of the Attorney General and the Ministry of Legal Affairs announced that Bankman-Fried has been arrested by the Royal Bahamas Police Force after the United States filed criminal charges against him.
What do you think about Sam Bankman-Fried wanting to start a new business venture to pay back FTX users? Let us know in the comments section below.
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