Sam Bankman-Fried (SBF), FTX’s founder and former CEO, has expressed unfazed behavior about a likely jail time and has a strategy to begin a new business for collecting funds to compensate the victims. SBF has been getting a lot of attention in the media recently. As per BBC, the FTX founder has stated that he would initiate an exclusive business project from a Bahamas-based luxury apartment.
SBF Claims to Begin Another Business amid Investigations
He expressed his willingness to getting engaged in anything that would enable him to do that. Many federal investigations are focusing on the 30-year-old entrepreneur and his companies including Alameda and FTX over the charges of mismanaging the deposits of the consumers. Apart from that, the investment portfolio of Alameda has attracted a lot of objection over the true expenditure of the money and the reason behind it.
When he was asked regarding the likely jail time because of the allegations, SBF acknowledged that he ruminate at night on this despite his generally unfazed looks. At present, no details were offered about his latest projects. The latest interview only seems to be another in a series of his appearances in media. The main objective of the FTX founder is to ask forgiveness for his misconduct in dealing with the crash of the second-biggest crypto exchange across the globe.
He stated in his interview that he thought to return the assets of the consumers. As per him, before providing benefits to the whole world he requires giving an advantage to the FTX customers. He additionally acknowledged having a duty toward the clients to offer them his finest services. The BBC additionally conversed with a former FTX staff member who alleged that Bankman-Fried was pretending to be illiterate over the utilization of the Alameda funds.
The allegation was straightly denied by him but he eventually acknowledged being responsible for the mismanagement of the respective funds because he was the chief executive officer of the crypto exchange. Nevertheless, Bankman-Fried did not admit to having carried out any scam. Instead of that, he asserted that he was not in knowledge of what took place on the crypto exchange with the funds.
These responses signify that the claim of being unaware of the incident is also one of the puff pieces of Bankman-Fried. A few days back, the FTX founder was invited by the lawmakers of the United States to present his testimony in two hearings of the Senate. Firstly, an excuse was made by him for not appearing. But, the policymakers asserted that in his absence they would send subpoenas to him eventually.
FTX Founder Shows Consent for His Testimony
Keeping this in view, on the 9th of December 2022, he replied that he was willing to testify. However, he claimed to have insufficient knowledge for his testimony. He added that he did not have access to considerable personal and professional data. In his words, he would only speak to some extent and would not be able to fulfill the expectations.
In addition to this, the reports have also pointed out that Bankman-Fried could also experience an investigation over market manipulation. In the previous week, it was suggested by the federal prosecutors that there are some potential links between the Terra ecosystem’s crash (that took place back in May 2022) and Sam Bankman-Fried’s crypto exchange FTX.
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