Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)
Sam Bankman-Fried (SBF) the founder and the former CEO of the FTX exchange recently opened up about the investors of the collapsed exchange.
SBF stated that he is very sorry for the losses that the FTX investors had to face due to the collapse of the FTX exchange. He had never intended for this to happen to the investors.
He feels sorry for the FTX investors who lost all of their investments and savings to the FTX crash. However, he wants to do something for them so their losses are covered.
SBF Spoke to BBC
It was during an interview at BBC where the interviewer asked him about the situation of the FTX exchange and his future plans.
He was also asked about the troubled investors who were devastated due to the exchange’s crash and what he intends to do for them.
To the question, SBF answered that he wants to make sure that the investors are repaid and he does that as soon as possible for them.
He never wanted things to end like this and wanted his business to grow larger. He added that he has already decided what he is going to do for the troubled investors and how he is going to pay them back.
SBF Wants to Launch a New Venture
During the interview, SBF stated that he has already decided and is determined to start a new business venture.
He wants to earn money and build a strong reputation for the new business venture. He wants to attract investments to the platform so he can earn money and pay the FTX investors back.
SBF stated that he knows that he has lost all credibility after the FTX incident but he is still going to try. He will try and fix things that he messed up in dealing with in the first place.
He will try his best and see where fate takes him but his intentions are pure, and at the moment, he is concerned about the investors.
He wants to deal with the FTX matter as quickly as possible so things can get back to normal for the investors.
FTX’s Downfall
The FTX exchange ended up filing bankruptcy on November 11 when it realized that the financial crisis was beyond fixing.
Even the likes of Binance and its CEO, Changpeng Zhao had to withdraw from their intentions of buying the troubled exchange.
Since then, the streak of losses has continued increasing alongside the list of firms going bankrupt. Several firms had invested their funds into the FTX exchange and they all lost them to the crash.
Unfortunately, most of the creditors have already filed for bankruptcy from their end as they suffered losses in millions of dollars.
The same case was with the FTX investors, who also ended up losing fortunes to the FTX crash. From November 7, billions of dollars have been lost that belonged to the investors.
Statement by SBF
SBF stated that he can confirm that his intentions were never to scam or mislead people. He insisted that it was not that he was knowingly running a scam.
Therefore, he does not believe that he has committed any kind of fraud. However, he is sorry that the strategy that he used ended up working against him.
He would have wanted the business to grow and continue running but things got out of hand after the balance sheet was released.
He admitted that he had overestimated his competency in running an exchange just like the traditional banks. He was proven wrong and his actions have cost billions.
Some People Understand the Situation
Despite making a positive statement, there is still a lot of hard work that is required from his end to earn back the lost respect.
Still, Kevin O’Leary, a Shark Tank star and a billionaire has come up for SBF’s support.
Although his statement brought him under great criticism he still stated he would support SBF if he started a new venture.
Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)
