Sam Bankman-Fried, the founder and former CEO of bankrupt cryptocurrency exchange FTX, has expressed his desire to start a new venture in order to repay the customers he owes money to. In a recent interview with the BBC, Bankman-Fried stated, “I would give anything to be able to do that. And I’m going to try if I can.” He emphasized that he feels a duty to FTX users and wants to find ways to help them.
According to bankruptcy filings from November 14, Bankman-Fried’s exchange has over 1 million creditors. The estimated losses for FTX range from $10 billion to $50 billion. Despite these staggering numbers, Bankman-Fried maintains that he did not knowingly commit fraud. He also admitted that he overestimated his own competence in running the exchange.
In addition to his bankruptcy troubles, Bankman-Fried has been called to testify before the United States House Committee on Financial Services. After a series of exchanges between Bankman-Fried and Representative Maxine Waters, it has been confirmed that he will appear as a witness at the hearing on December 13. John Ray, the new CEO of FTX, is another witness scheduled to attend.
Bankman-Fried has faced controversy for missing the deadline to confirm his appearance at a Senate Committee hearing on FTX’s collapse. In a letter from Committee Chair Sherrod Brown, Bankman-Fried was warned that a subpoena may be issued if he fails to testify. Despite this, Bankman-Fried’s inclusion as a witness in the House hearing suggests that he may still participate in the Senate’s hearing on December 14.
Overall, Bankman-Fried is determined to address the situation and find ways to repay FTX users. He acknowledges his past mistakes and is willing to cooperate with the relevant committees in order to provide answers and solutions.