The implosion of FTX has claimed more than 1 million victims, who had $10 to $50 billion in assets on the exchange. To repay those people, Sam Bankman-Fried, the former CEO and founder of FTX, now wants to start a new company. “I would give anything to do that and I will try if I can,” SBF told the BBC on Dec. 10.
SBF has completely lost it
It seems that SBF has completely lost it and does not realize what he has actually done. People have lost billions in savings because of him. He gambled and lost and must await the verdict of the judge. It seems unlikely that anyone will ever trust him in business again. The chance that he will soon have the opportunity to start a new business is even smaller.
Based on what happened, it seems impossible that Bankman-Fried won’t go to jail. If you can get away with this, then basically there’s nothing left for you to go to jail for. “I certainly wasn’t as competent as I thought I was,” Bankman-Fried told the BBC.
The fallen CEO makes excuse after excuse in the media, but of course the judges are not going to fall for that. It’s like robbing a bank and trying to tell everyone you’re sorry right after you get caught by the police. Of course no one falls for that. SBF knew exactly what he and his companies were doing and now has to pay for it.
Present at the hearing
In the meantime it has been confirmed that Bankman-Fried is present during the US House of Representatives hearing on the collapse of FTX. He will make his statements before the committee and answer questions about his part in the whole thing. Another witness on the list is John Ray, the new CEO of FTX who is trying to arrange things as tightly as possible towards bankruptcy.
John Ray is a bankruptcy expert who often ‘takes over’ companies at times like this to steer things in the right direction. Earlier, Ray indicated that FTX is the biggest mess he has encountered in his career. That does not bode well for the creditors of the exchange platform who hoped to see some of their assets returned.