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HomeBusinessCrypto tycoon Bankman-Fried says he wants to launch new firm to pay...

Crypto tycoon Bankman-Fried says he wants to launch new firm to pay back victims

In order to generate enough revenue to compensate the victims of the FTX collapse, Sam Bankman-Fried says he plans to launch a new firm.

The 30-year-old is the subject of numerous federal inquiries investigating the financial management of his former employer.

The former millionaire admits he was “not nearly as good as I thought I was” but denies fraud while speaking at a luxurious compound in the Bahamas.

He acknowledges “ruminating at night” about the possibility of being arrested.

Customers could exchange conventional currency for cryptocurrencies like Bitcoin using the FTX cryptocurrency exchange.

With daily cryptocurrency trading of around $10 billion, it was the second-largest in the world.

However, it was discovered last month that FTX and Mr. Bankman-independent Fried’s business, Alameda Research, were also in financial trouble.

Everything fell apart in just eight days, and bankruptcy papers were filed.

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More than a million FTX customers are reportedly locked out of their crypto wallets and unable to access their money.

“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 said while talking to BBC.

“I would give anything to be able to do that. And I’m going to try if I can,” he said while replying to a question about if he plans to open a new venture.

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