SBF Plans on a New Business to Compensate FTX Users

SBF recently talked to the BBC in an invitation to his residence in the Bahamas.
The former FTX CEO says that he plans on a new venture to help him compensate the FTX users.
A former senior employee of FTX said that SBF must have been aware of his own deeds.

Sam Bankman-Fried extended an invitation to the BBC to visit the residential complex in the Bahamas where he currently resides. During the invitation, he said that he is hopeful of finding a solution to pay compensation to FTX customers.

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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. And I think at the very least I have a duty to FTX users to do right by them as best as I can.
SBF told BBC

When asked whether he intended to launch a new business endeavor in order to generate the money necessary to pay back investors, he responded:

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

Lawyers who specialize in bankruptcies have referred to the FTX affair as “one of the most sudden and hardest collapses in the history of corporate America.”

They make the accusation that Mr. Bankman-Fried is operating the business in order to “exercise his own personal fiefdom.”

The US Senate Banking Committee wants the former CEO to speak at the hearings regarding the failed exchange. The committee meeting will take place the following week. Following this, SBF said on Friday that he would attend the hearings.

Along the same lines, a former senior employee of FTX said that SBF must have been aware of the behavior he was engaging in. Additionally, he accused him of lying in recent interviews in which SBF denied knowledge of the movement of money and cryptocurrency between the firms. He said that SBF had lied about this.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.