FTX Founder Aims to Start a New Venture: BBC

The CEO and founder of defunct cryptocurrency exchange FTX has expressed an interest in starting a new company to repay his debts to former customers.

During an interview with the BBC on the 10th of December, Sam Bankman-Fried was asked if he planned to launch a new business to reimburse FTX subscribers. He said:

“I would give anything to be able to do that. And I’m going to try if I can.”

He continued: “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 further adds:  “I think at the very least I have a duty to FTX users to do right by them as best as I can.”

According to the exchange’s bankruptcy filings on November 14, “more than 1 million creditors” may be involved with the Bankman-Fried case. The total  money FTX may have lost is uncertain, although estimates range from $10 billion to $50 billion.

As he has repeatedly stated during his media apology tour, Bankman-Fried once again claimed he “didn’t knowingly commit fraud. I don’t think I committed fraud.”

FTX Founder to Testify Soon

Meanwhile, SBF’s name has been included on the list of witnesses for the Dec. 13 hearing, headlined “Investigating the Collapse of FTX, Part I,” since the 11th of the month. 

The other witness, John Ray, the new CEO of FTX, was already on the list as of December 9. FTX founder was confirmed as a witness for the hearing with the House Committee on Financial Services.

And the update was made after days of conversations between United States Representative Maxine Waters and Bankman-Fried in addition with SBF indicating that he is “willing” to attend the relevant US authorities on December 13 to testify. 

The US House Committee on Financial Services said that the FTX problem caused a lot of investors to lose money, and they have asked Bankman-Fried to interact regarding it on December 13.