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SBF Plans New Venture to Repay FTX Collapse Victims, Claims ‘Did Not Commit Fraud’

SBF intends to launch a new company to compensate victims after denying fraud but admitting ineptitude in the FTX incident.

Sam Bankman-Fried (SBF), the former CEO of the now-defunct FTX crypto exchange, has said that he plans to launch a new venture to earn cash to compensate victims of the company’s demise.

SBF denied any fraud but revealed to the BBC in the Bahamas that he had been:

 

“I’m not nearly as capable as I thought I was.”

It is anticipated that over one million FTX users have been locked out of their crypto wallets and are unable to access their assets.

When asked whether he intended to start a new firm to recompense FTX investors, SBF said, “I would do everything to be able to achieve that.” And I’m going to give it my best shot.”

SBF was accused of operating FTX as “his own personal fiefdom” by bankruptcy attorneys, who described it as “one of the most sudden and hardest collapses in the history of corporate America.”

Furthermore, it is claimed that SBF’s hedge fund firm, Alameda Research, used FTX client money to make dangerous financial market wagers without the customer’s knowledge or agreement.

A former top FTX employee alleged that SBF was aware of the practice and accused him of lying in recent interviews in which SBF denied knowledge of the movement of dollars and cryptocurrency between the organizations.

In response to the accusation made by the former senior FTX employee, SBF said,

“No, that’s not true, I didn’t deliberately conduct fraud, I don’t believe I committed fraud, and I didn’t want any of this to happen.”

SBF is scheduled to appear before the US Senate Banking Committee about the failed exchange, and he is the subject of various government investigations involving his previous company’s handling of assets.

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