Sam Bankman-Fried eyes new business after FTX’s bankruptcy

The former chief executive officer of FTX, Sam Bankman-Fried, has declared his intention to start a new business to generate funds for investors affected by his firm’s bankruptcy.

Ripples Nigeria had previously reported that Bankman-Fried filed for bankruptcy following reports that FTX misused investors’ funds.

The investors had invested in cryptocurrency assets promoted by FTX, one of the largest handlers of the digital asset behind Binance.

FTX’s collapse came after Binance discontinued talks to acquire Bankman-Fried’s exchange firm which would have provided liquidity to the company.

Following Binance’s pullout and confirmation that two United States agencies are probing the FTX operation, Bankman-Fried resigned from his position.

In an interview with BBC at the weekend, Bankman-Fried said he was ready to do anything to help the investors that lost funds in FTX.

READ ALSO: FTX files for bankruptcy, as financial crisis crashes founder’s networth to $0

He said: “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. I would give anything to be able to do that. And I’m going to try if I can.”

Bankman-Fried said on his Twitter handle Friday he would be testifying before the US House committee on financial services on December 13.

He wrote: “I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like.

“But as the committee still thinks it would be useful, I am willing to testify on December 13.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now