SBF wants to start a new business to repay FTX victims

Sam Bankman-Fried is ready to start a new business with a view to repaying FTX victims. He claims the second-biggest crypto exchange's bankruptcy was caused rather by his incompetence than fraud.

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Sam Bankman-Fried expressed hope to be able to pay back the victims of the FTX collapse in an interview for the BBC. The inglorious ex-CEO of the once second-biggest crypto exchange invited the reporters to his luxurious residence in the Bahamas, where he continues to reside. During the talk, SBF was asked if he was planning to start a new business to earn money and compensate FTX investors, to which he replied: "I would give anything to be able to do that. And I'm going to try if I can."

Once again, SBF insisted he was not guilty of fraud. Even though he admitted that as the company's CEO he was ultimately responsible for what happened, he denied any intention of wrongdoing, claiming incompetence. "I didn't knowingly commit fraud, I don't think I committed fraud, I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was," he said.

SBF also denied accusations made by an unnamed former senior FTX employee, who asserted that his boss had knowledge about Alameda Research using FTX customers' funds to make risky financial moves.

Read also: Mt. Gox creditors have until March 10 to register claims for repayment

At its prime, the exchange was valued at $32 billion but due to lack of basic money controls the platform came tumbling down in about a week since the information about its financial instability made it to the news. It is estimated that investors might have lost between $1 and $2 billion in the FTX collapse. Over a million users remain locked out and unable to access their wallets.

In recent days, SBF has conducted as many as nine lengthy interviews (for "The New York Times," Vox, and ABC News, among others), acting conscience-stricken and willing to take somewhat limited responsibility for the FTX fallout.