Sam Bankman-Fried had been amongst the crypto billionaires until his leading crypto exchange FTX filed for bankruptcy. With the fall of the crypto firm, users and investors found themselves in a vulnerable situation as the firm owed them billions of dollars. But, the recent statement of Bankman-Fried might bring relief for them as he wished to pay them back and suggested a new way for it.
SBF Willing to Payback Investors and Customers
In a recent interview, FTX founder and former CEO said that he would be interested in setting up a new venture intending to pay back the customers and investors the firm owed money. When asked about starting a business with the goal to pay investors back, SBF said he would give anything to do that and he is going to try the same if he can.
In addition, he said he is going to think of ways he can help if the users would not get much of their money back. He said he is going to think about what he can do for them. At least, he has a duty towards FTX users that he do right for them as best as he can, he said.
SBF said that he was certainly not as competent as he thought.
According to the FTX bankruptcy filing, the crypto exchange could have over 1 million creditors. And the loss for FTX could range between 10 billion USD to 50 billion USD.
Bankman-Fried to Appear in FTX Hearing
Earlier SBF was reported to be called out for his take on the incident and attend the hearing. The United States House Representative Maxine Waters was continuously putting efforts to make the FTX founder agree. Now it is reported that he is officially confirmed to act as a witness for the House Committee on Financial Services hearing on 13th December.
The hearing titled ‘Investigating the Collapse of FTX, Part I’ has reported its official witness list going to attend the hearing and SBF’s name is on the list. Meanwhile, the newly appointed CEO of FTX, John Ray III was also confirmed to join the hearing as witness.
The time for Bankman-Fried to confirm his attendance at a Senate Committee hearing on the FTX collapse set on December 14 has passed.
Sherrod Brown, the committee chair, informed Bankman-Fried in a letter dated December 7 that he is ready “to issue a subpoena to compel your testimony.”
Bankman-Fried missed the deadline, according to a Dec. 9 statement from Brown and Sen. Pat Toomey, and the Committee “will continue to work on getting him to appear before Congress.”
Source: https://www.thecoinrepublic.com/2022/12/12/sam-bankman-fried-starting-a-new-venture/