{"id":22318,"date":"2022-12-11T08:59:36","date_gmt":"2022-12-11T08:59:36","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/sam-bankman-fried-i-hope-to-make-money-to-pay-people-back"},"modified":"2022-12-11T08:59:36","modified_gmt":"2022-12-11T08:59:36","slug":"sam-bankman-fried-i-hope-to-make-money-to-pay-people-back","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/sam-bankman-fried-i-hope-to-make-money-to-pay-people-back","title":{"rendered":"Sam Bankman-Fried: I hope to make money to pay people back"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>Disgraced crypto boss Sam Bankman-Fried says he hopes to start a new business to make enough money to pay back victims of the FTX collapse.<\/b><\/p>\n

The 30-year-old faces several federal investigations into his former company’s handling of funds.<\/p>\n

Speaking in a luxury complex in the Bahamas, the former billionaire denies fraud but says he was “not nearly as competent as I thought I was”.<\/p>\n

He admits worrying about possible arrest while “ruminating at night”.<\/p>\n

The FTX crypto exchange allowed customers to trade normal money for cryptocurrencies like Bitcoin.<\/p>\n

It was the second largest in the world, trading about $10bn of crypto coins every day.<\/p>\n

But last month it was revealed that FTX and Mr Bankman-Fried’s separate company – Alameda Research – were financially unstable.<\/p>\n

In just eight days everything came crashing down and bankruptcy was filed.<\/p>\n

It is estimated that more than a million FTX users are locked out of their crypto wallets and cannot access their funds.<\/p>\n

Mr Bankman-Fried invited the BBC to the residential complex in the Bahamas where he still lives and said he hopes to find a way to pay back FTX users.<\/p>\n

“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,” he told me.<\/p>\n

Asked if he planned to start a new business venture to earn the money to pay investors back, he said: “I would give anything to be able to do that. And I’m going to try if I can.”<\/p>\n

Bankruptcy lawyers have described the FTX scandal as “one of the most abrupt and difficult collapses in the history of corporate America”.<\/p>\n

They accuse Mr Bankman-Fried of running the company as “his own personal fiefdom”.<\/p>\n

The US Senate Banking Committee wants the former CEO to testify at next week’s hearings into the collapsed exchange, and he said on Friday that he would attend.<\/p>\n

At the top of a long list of alleged failings, there are allegations that Mr Bankman-Fried’s Alameda Research hedge fund was using FTX customers’ money to make risky financial bets.<\/p>\n

A former senior FTX employee who worked with Mr Bankman-Fried has told the BBC he thinks the former CEO must have been aware that Alameda Research was using FTX customer funds.<\/p>\n

He accused Mr Bankman-Fried of lying when he said in recent interviews that he did not know about the flows of cash and cryptocurrencies between the companies.<\/p>\n

“No that’s not true,” Mr Bankman-Fried said, while going on to acknowledge that as CEO he was ultimately responsible for any mishandling of funds. “That’s on me, one way or another,” he said.<\/p>\n

Asked whether he was fraudulent or incompetent, he replied: “I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.”<\/p>\n

The American has conducted nine lengthy self-critical interviews in the last six days.<\/p>\n

His team say they’ve had to relocate to an unknown location in the luxury resort where he lives, because of “security concerns”.<\/p>\n

Reporters have taken pictures of him in his apartment with telescopic lenses from the sea, and at least two YouTubers have managed to sneak into the complex to film videos.<\/p>\n

Mr Bankman-Fried, who comes from a wealthy family, claims to be concerned about his own personal finances with no access to his bank accounts and “less than $100K left”.<\/p>\n

When asked if he is preparing for the possibility of arrest and prison, he said: “There’s some time at night ruminating, yes, but when I get up during the day, I try and focus, be as productive as I can and ignore things that are out of my control.”<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. Disgraced crypto boss Sam Bankman-Fried says he hopes to start a new business to make enough money to pay back victims of the FTX collapse. The 30-year-old faces several federal investigations into his former company’s handling of funds. 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