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SBF Wants to Start a New Business, Officially Added as Hearing Witness

With over a million FTX debtors owing up to $50 billion, FTX’s former CEO has shown interest in launching a firm to repay them all.

Sam Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX, has shown interest in creating a new enterprise to repay the consumers he owes money to.

“I’d do everything to be able to accomplish it.” And I’m going to try if I can,” Bankman-Fried said in a BBC interview on December 10 when asked whether he’d establish a new firm to repay FTX investors.

“I’ll be thinking about how we can improve the globe, and if users haven’t received much back, I’ll be thinking about what I can do for them,” he continued. “I believe I have a responsibility to FTX users to do the best I can for them.”

According to bankruptcy documents on Nov. 14, Bankman-exchange Fried’s may have “more than 1 million creditors,” and estimates on how much FTX has possibly lost vary from $10 billion to $50 billion.

Bankman-Fried reiterated his prior claims on his so-called media apology tour, saying he “didn’t deliberately commit fraud.” “I don’t believe I committed any fraud.”

He also stated he “wasn’t nearly as capable as I thought I was.”

After days of back-and-forth between US House Representative Maxine Waters and Bankman-Fried, the FTX founder has been formally confirmed as a witness for the House Committee on Financial Services hearing on December 13.

His name is now officially on the roster of witnesses for the Dec. 13 hearing titled “Investigating the Collapse of FTX, Part I,” as of Dec. 11.

The other witness, who had previously been added as of December 9, is none other than John Ray, FTX’s new CEO.

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