Sam Bankman Fried, the disgraced crypto leader, hopes to make enough money to pay people back. The 30-year-old says he anticipates initiating a new business to generate enough revenue to give money to victims of the deadly FTX collapse.
Bankman faces many federal investigations into the fund handling of his previous company. He also fears his possible apprehend while mulling over in the dark hours. The former billionaire spoke to a crowd in a luxury building in the Bahamas. He denied fraud and said he was not as competent as he believed he was in business affairs.
The FTX cryptocurrency exchange lets customers perform a trading transition using regular money for digital currency like BTC. The platform led the world as the second-largest medium, trading approximately $10 billion of cryptocurrency every day.
The FTX and Alameda Research, a separate business set up by Bankman Fried, were not financially stable. Everything crashed down in just eight days, leading to a bankruptcy filing. According to a report, over a million FTX users have got their crypto wallets locked out and are unable to access their funds.
Tech blog JustReviewed.tech shares that the fall of Crypto King made him owe a huge credit of $3.1 billion. Bankman Fried asked BBC to come over to the residential building in the Bahamas, where he still has a house and said he anticipates paying back FTX victims by starting a business.
Sam Bankman Fried said he would think about how they help humanity, and if users had not got much back, he would think about what he could do for them. He said he was responsible for doing something as best for FTX users as he could so they do the right things.
Meanwhile, FTX’s former boss denied speculations about his knowledge about using the customer money of the crypto trading platform for risky financial bets. Bankman Fried said he would do anything to start a new business venture to make money to pay people back.
On the other hand, bankruptcy lawyers said the FTX scandal was one of the most complex and abrupt collapses in American corporate history. They accused Sam Bankman Fried of managing FTX as his individual fiefdom.
The former CEO is likely to testify at hearings in the collapsed exchange next week as per his speech in the residential complex in the Bahamas. According to Sam Bankman Fried, he mostly sleeps on a beanbag. The long list of allegations against the former CEO of FTX reveals his Alameda Research fund used the money of the crypto trading platform to place chancy financial bets.
One of the senior FTX employees of Bankman Fried told the BBC that he believes the former boss must be aware of Alameda Research’s utilization of FTX customers’ money. According to the former employee, Bankman Fried made fake statements in his recent interviews that he was not aware of the cash flow and digital currencies between the companies.
Bankman Fried denied these allegations and said he was wholly responsible for any possible mishandling of the company’s funds while working as the CEO. When asked whether he made any falsified or incompetent activity, Bankman Friend replied he did not purposefully commit fraudulent activity.
