The former CEO and founder of the now-bankrupt FTX exchange has announced his intention to establish a new firm to compensate investors and users who lost money during the FTX crash. He also addressed the rumors, stating that what happened with the exchange was not the result of fraud, but of poor management skills.
An Interview With SBF
In a recent BBC interview with Sam Bankman Fried, FTX founder, SBF stated his intentions to start a new firm in order to earn enough funds to cover all of the losses investors incurred on the exchange. In an excerpt from his speech during the interview, he stated that he would do everything in his power to repay those victims.
SBF went on to address the widely circulated rumor associated with the FTX story that the sister company, Alameda research, was misusing investor funds for its own gain and development. SBF stated unequivocally that this was not the case and that the exchange was not guilty of fraud; however, the management handled the exchange poorly, which he generally condemned.
From his statement he mentioned he didn’t commit fraud, and had no intention of pushing his exchange down the drain; finally rounding off the statement stating he wasn’t as competent as he thought he was.
SBF Looks Beyond Charges And Seeks Solution
Even in the face of this new decision, SBF is well aware that the charges and prison sentences will not be dropped; however, he sees the bigger picture and values finding a solution above his current predicament.
According to his statement on the BBC interview, he stated that when he lays down at night, he has all these thoughts of impending doom awaiting him, but when he is up, he focuses on what solution he can bring rather than what is out of his control.
The FTX catastrophe that followed the Terra Luna Crash was one of the crashes that sent shockwaves through the crypt space, almost completely writing off this space. Following the liquidity crisis that FTX experienced in early November, the exchange also suspended fund withdrawals.
More authorities have pushed SBF to shed more light on what happened that led to this disaster, and, more importantly, to accept responsibility for his crime.
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