Posted on 12/12/2022 8:40:50 AM PST by Red Badger
FTX founder Sam Bankman-Fried has revealed plans to start a new business venture just weeks after his cryptocurrency exchange spectacularly collapsed.
In an interview with the BBC published on Saturday, the 30-year-old—who is facing a number of civil lawsuits brought against both him and his failed company—said he would “give anything” to be able to set up a new business in an effort to pay back investors.
“I would give anything to be able to do that. And I’m going to try if I can,” Bankman-Fried said when asked if he planned to launch a new company to recoup the losses by FTX and pay back investors and users who have lost millions.
“I’m going to be thinking about how we can help the world and if users haven’t gotten much back, I’m going to be thinking about what I can do for them,” he said. “And I think at the very least, I have a duty to FTX users to do right by them as best as I can.”
FTX was once valued at $32 billion after raising $400 million from investors before it collapsed in November amid a liquidity crisis worsened further by larger rival Binance deciding to pull out of a potential rescue deal.
Traders soon pulled billions from the platform and the company ultimately filed for Chapter 11 bankruptcy on Nov. 11. Millions of FTX users have been left unable to access their crypto wallets.
Bankman-Fried to Testify Before Congress Questions have been raised regarding the roughly $1 billion of customer funds that appear to have vanished from the failed crypto exchange. Meanwhile, Bankman-Fried claims to have just $100,000 left in his bank account and denies having “hidden funds” anywhere.
On Friday, Bankman-Fried confirmed that he will testify before the U.S. Senate Banking Committee on Tuesday amid multiple probes into FTX’s collapse as well as that of its sister hedge fund, Alameda Research.
However, the former billionaire claimed he does not have access to much of his professional or personal data, and therefore “there is a limit to what I will be able to say, and I won’t be as helpful as I’d like.”
Speaking to the BBC from a luxury apartment in the Bahamas owned by FTX, Bankman-Fried was asked whether he was prepared for the possibility of being arrested, to which he replied, “There’s some time at night ruminating, yes, but when I get up during the day, I try and focus, be as productive as I can and ignore things that are out of my control.”
However, the crypto firm founder doubled down on comments he made during the New York Times DealBook Summit on Nov. 30, in which he denied having committed any fraud at FTX.
Financial regulators and authorities in both the United States and the Bahamas are currently investigating the collapse of the company.
$70 million buys a lot of peace of mind. https://www.opensecrets.org/orgs/ftx-us/summary?id=D000073694
The Dems do not want a trial at any cost................
Joined at the hip.
I will bet they don’t. The least they could do is tell him to go home and shut up or else they could make sure he shuts up.
Crooks, thieves, cartels, and lowlifes who contribute to the the democrat party do well - they’re out of jail before their victims are out of the hospitals...
they get their ‘passes’ years before their ‘marks’ get back on their financial feet
- they get free cellphones to track their ‘trafficked ones’ before trails go cold or people stop paying...
Crime families do well working together.
Using new investors to pay back older investors.
Tell me again what is the definition of "ponzi scheme?"
They usually opt for the “or else”.............
I suggest he name it
“DNC MONEY LAUNDERING CRIME SYNDICATE, 10% FOR THE BIG GUY.”
Kinda catchy!...................
DNC telephone call to the Suicide Hotline.
“I wish to place an order.” /S
Any over/under on the Dead Pool?...................I give him til Dec 31....................
In many of the Nov. 2022 races the dem outspent the rep 5/10-1...since dems run the media outlets that windfall/revenue pretty much keeps their networks afloat...particularly since half this country has tuned them out because of their pushing their leftist ideology 24/7.
Their candidates won(in large part thanks to the fraud merchants, who also got paid by ???), and they(MSM) got a much needed infusion of cash...win/win for the propagandists!
I wouldn't hold my breath waiting for the MSM to give this scandal 1/2 the airtime they gave/give Jan 6.
lol. What a con.
Busy counting all that kickback money they got from this miscreant.
They were bought and paid for...you won’t be hearing from them
OMG!! He is a PSYHCOPATH !!! Learned well at his Parent’s knees!
This guy needs to shut up and disappear.
Give me more money so I can pay you back the money I already stole from you. Anyone naive enough to participate deserves to have their money stolen.
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