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SBF plans new venture to repay FTX collapse victims, claims ‘did not commit fraud’

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SBF plans new venture to repay FTX collapse victims, claims ‘did not commit fraud’ Josh O’Sullivan · 1 day ago · 1 min read

SBF plans to start new business to repay victims after denying fraud but admitting incompetence in FTX scandal.

1 min read

Updated: December 11, 2022 at 6:06 pm

Cover art/illustration via CryptoSlate

Sam Bankman-Fried (SBF), the former CEO of the now-collapsed FTX crypto exchange, has said that he hopes to start a new business to generate funds to pay back victims of the company’s collapse.

SBF wants to start a new biz?

To the @BBC: “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.” https://t.co/Z8wfy88A1Y

— Unchained Podcast (@Unchained_pod) December 11, 2022

Speaking with the BBC in the Bahamas, SBF denied any fraud but admitted that he had been:

“Not nearly as competent as I thought I was.”

More than one million FTX users are estimated to be locked out of their crypto wallets and unable to access their funds.

When questioned whether he planned to make a new business to earn the money to compensate FTX investors, SBF said:

SBF is set to testify at a hearing regarding the collapsed exchange before the US Senate Banking Committee and faces several federal investigations into his former company’s handling of funds.

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Source : CryptoSlate

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